Major Financial Institution Shares Insight On What Small Business Owners Are Thinking About

Two Fish Crab Shack Co. in Bronzeville is owned by Yasmin Curtis who has lived in the neighborhood for her whole life and said that it just feels right to be a small business owner in her community. Photo Credit: Two Fish Crab Shack Co.
Two Fish Crab Shack Co. in Bronzeville is owned by Yasmin Curtis who has lived in the neighborhood for her whole life and said that it just feels right to be a small business owner in her community. Photo Credit: Two Fish Crab Shack Co.

Major Financial Institution Shares Insight On What Small Business Owners Are Thinking About

BY KATHERINE NEWMAN

Bank of America recently released its 2019 Spring Small Business Owner Report which shares the results of their semi-annual survey of small businesses across the country and specifically hones in on small business in Chicago.

The Bank of America Small Business Owner Report Survey for spring of 2019 included 1,504 small business owners across the United States. In addition to the national survey, 300 small business owners from Chicago were surveyed on topics related specifically to their local market.

“The semiannual Small Business Owner Report gives us a glimpse into the current small business landscape,” said Kashif Qamruddin, small business banking manager for Bank of America in Chicago. “Small businesses are vital to the local economy, particularly in communities across Chicago’s south side, as they provide critical avenues for job creation, workforce development, and economic mobility.”

The 2019 Spring Small Business Owner Report shared that two-thirds of small business owners in Chicago believe their revenue will increase and are planning to expand their businesses.

This finding holds true for one small business owner, Yasmin Curtis, who owns and operates Two Fish Crab Shack Co. in Bronzeville.

“This summer, we are planning to build out our back patio so we can provide both indoor and outdoor seating, and we are refacing the building to add more curb appeal to the neighborhood. Over the next five years, we definitely see ourselves expanding and perhaps opening another location. The possibilities are endless which is one of the great parts about small business ownership,” said Curtis.

After living in Bronzeville for her whole life, Curtis said that it feels right to have her business in this community.

“Not only does my business operate in the neighborhood, but I also grew up in the neighborhood and I live here currently. It’s very fulfilling to be a lifelong resident and have the opportunity to provide employment to my neighbors. Having my business here feels right. It’s where I’m supposed to be,” said Curtis.

Nationwide, The Bank of America Small Business Report found that 81% of small business owners say they use technology and again, Curtis and her business could relate to that finding and she said that the important part about incorporating technology is making sure that it helps the business grow in a responsible, cost-efficient way.

Lastly, the survey found that business owners across the nation are concerned with the current political environment and specifically in Chicago, that is true for more than half of the city’s small business owners.

“There are always concerns about the national political environment. We source various products from different countries, so we have to keep our eyes on the tariffs. Locally, however, Chicago’s political ecosystem is incredibly supportive of small businesses. The city has spent a lot of time and resources developing and nurturing its small business community, and small businesses are thriving because of it,” said Curtis.

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