Tue, 13 August 2013
Joining me on PowerTalk this week to talk about the economy, the outlook for small business and job creation prospects as well as the availability of credit is Jay DesMarteau, Head of Small Business, SBA, Restaurant, & Government Banking at TD Bank.
Each week on PowerTalk, we go behind the scenes to put you in the know - this time we’re talking about the lifeblood of job creation here in the U.S - small business. Based on the recent July employment report, which disappointed on several levels, it seems that small business is only moving at half speed. The weakness in hiring is not all that surprising given some of the data that Jay shared with me -- only 17% of small businesses planned to hire at least one new employee, down from 32% six months ago. However, more than three-quarters of small business owners intend to keep staffing levels the same, up from 59% in December.
If you or someone you know owns a small business or is looking to start one, then you know that access to credit or business loans is key. Whether your a new business, one that is trying to get off the ground by a veteran or a entrepreneur or its an an existing one business that is looking to expand to another location, add another product line, bid on another project or maybe even expand your hours of operation, access to capital is needed in order to grow that business and put more people to work.
Jay and I talk about TD Bank, one of the 10 largest banks in the country and what’s is doing to help small business, but also the size and scope of Jays’ team of 150 small business relationship managers and more than 1,300 TD Bank store managers. We also touch on the economy and what Jay and his team are seeing from small business owners. Even though deposits are high, small businesses remain on the sidelines when it comes to taking on new credit, expanding and hiring.
Jay shares some of the challenges facing small business owners including growing their business, the economic environment and cash flow. In addition to all of that and talking specifically about what he and his team is seeing in the restaurant, healthcare and government markets, Jay also introduce us to some very specific efforts from TD Bank and the International Franchise Association to help veterans find jobs and start businesses - the SBA Veterans program.