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Financial Services for Small Businesses in the U.S., 3rd Edition


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Financial Services for Small Businesses in the U.S., 3rd Edition

After lagging behind their bigger counterparts, small businesses are seeing their fortunes revive in the aftermath of the great recession. And as small businesses recover, they are in the sights again of financial institutions large and small, which are expanding the array of products and services for the “mom and pop” entrepreneurs.

In its new report, Financial Services for Small Businesses in the U.S., 3rd Edition, Packaged Facts estimates the value of purchases made with small business credit cards alone at $505 billion, and we expect 11.5% growth in 2015. So far, small business loans have not caught up, leaving ample room for innovation. But it’s also about finding the right bank: our analysis reveals significant differences in large banks’ ratios of small business and microloans to loans outstanding. And it’s also about understanding small business owners and managers (including the self-employed), whose banking, securities, and business credit card usage lend insight into their bankability.

Financial Services for Small Businesses in the U.S., 3rd Edition assists in understanding these and other trends shaping the market for small business financial services. The report does the following:
  • Assesses the small business financial services strategies of American Express, Bank of America, Capital One, Citibank, JPMorgan Chase, MasterCard, U.S. Bank, Visa and Wells Fargo, with an emphasis on their respective small business card and small business lending programs and related initiatives. Analysis includes small business credit card purchase value estimates; and, for Visa and MasterCard, debit card purchase value estimates.
  • Assesses the small business financial services market, by identifying and trending small business participants (owners, self-employed, etc.); employment and firm size; business challenges; and use of credit (trade credit, loans, and credit cards).
  • Trends small business owner, small business management & self-employed worker demographics, with a focus on household income, securities and residential ownership trends.
  • Trends small business owner banking relationships and products used by institution, as well as investment trends and banking and credit card products used, through 2014.
  • Identifies the degree small business stakeholders are involved in purchasing decisions & the purchase decision process.
  • Provides small business expenditure market sizing estimates and a detailed market size and forecast for small business credit/charge and debit cards by card network.
  • Trends consumer and business credit card usage and behavior through 2014 among 1) all adults employed by small businesses, 2) small business owners and managers, and 3) self-employed individuals working for small businesses. Metrics include card usage and active usage, and we emphasize demographic analysis of respondent HH income, company size and securities owned.
  • Analyzes the small business cards programs of the top 100 U.S. financial institutions by assets.
  • Assesses the degree personal cardholders use business cards and vice versa, with an estimate for amount of personal card spend done on business cards.
  • Trends and ranks major banks by total amount of small business loans and microloans and share of total loans outstanding (including nonfarm non-residential loans and commercial and industrial loans) through 2014.
  • Trends and ranks the top SBA lenders by total loan volume and by share of total loans outstanding through 2014.
  • Trends small business loan demand and credit standards; and financing and funding choices through 2014.


  • Executive Summary
    • Report Scope
    • Report Summary
      • The market for small business financial services
      • ApplePay: Does American Express have the advantage?
      • Small business demographics, banking relationships and bankability
      • The competitive arena
      • Small business lending trends
      • Small business credit card usage trends
  • The Market for Small Business Financial Services
    • Summary analysis
      • The target market
    • Small business cards
    • Business loan trends
    • ApplePay & American Express
    • The U.S. small business universe
      • Firms versus establishments; employer versus non-employer firms
      • Self-employment
      • More than twenty eight million small businesses
        • Table Number of Employer & Non-Employer Firms and Small & Large Business Firms, 2007-2012
      • Small firm and small firm employment recovery comes up short
        • Table Distribution of Private Sector Firms by Size Class, Population & Percentage Share, 2007-2014
        • Table U.S. Small Business Employer Firms, Establishments, Employment and Payroll, by Industry: Number and Share, 2012
    • Small business spend opportunity
      • The Visa Commercial Consumption Expenditure Index
      • The McKinsey Payments Map
      • Spend categories
    • Small business challenges
      • Biggest problem? Taxes and government.
    • Credit use by small businesses
      • Increasing access to capital
      • But more than a quarter still shut out
      • Credit cards supplant business earnings as top source of financing
        • Table Types of Financing Used by Small Businesses in Past 12 Months, 2012-2014
    • Trade credit
      • Table Small Business Customer Experiences
    • Small business cards
      • Small business credit card market size and forecast
        • Table U.S. Small Business Card Purchase Value & Share of Total Value, 2012-2014
        • Table U.S. Small Business Card Purchase Value: Total, Credit/Charge & Debit/Prepaid, by Card Network 2012-2014
      • Small business credit cards enjoy strong financial institution support
        • Table Small Business Credit Card Programs Offered among Top 100 Financial Institutions, by Number of Cards, Number of Bank Programs and Network Brand, 2015
        • Table Small Business Credit Cards Offered among Top 100 Financial Institutions, by Number of Cards; Own Brand, Co-Brand & Affinity; and Network Brand, 2015
        • Table Small Business Credit Card Programs Offered among Top 100 Financial Institutions, by Institution, Number of Cards and Network Brand, 2015
    • Business loans
      • Still a week spot
    • ApplePay: can it tap small business?
      • Table iPhone Ownership, All Adults, Small Business Owners, Managers and Self-Employed, 2014
      • Table Small Business Owner/Manager iPhone Users vs. Non-Users: Have Credit Card, Branded Credit Card, and Business Card by Brand, 2014
  • Small Business Demographics, Banking Relationships & Bankability
    • Summary analysis
    • Owners, management & self-employed workers
      • Defining our terms
      • Sizing the population
        • Table Small Business Owners, Small Business Managers & Small Business Self-Employed: 2014 Population & Percent of Population
        • Table Small Business Owners, Small Business Managers & Small Business Self-Employed: Population Overlap, 2014
      • Small business composition, by company size
      • Small business demographic analysis
      • Banking relationships
        • Table Financial Institution Used as Primary Bank by Small Business Owner/Managers & Self-Employed, 2014
      • Credit card relationships
        • Table Financial Institution Issuing Credit Card, by Small Business Owner/Managers & Self-Employed, 2014
      • Business purchasing decisions
        • Table Percentage of Small Business Owners, Managers & Self-Employed Involved in $5,000+ Business Purchase Decision in Past 12 Months, 2014
        • Table Small Business Owners, Managers & Self-Employed Involved in $5,000+ Business Purchase Decision in Past 12 Months, Manner of Involvement, 2014
      • Small business banking and investment trends
        • Table Percentage of Small Business Owners, Management & Self-Employed Having Savings, Non-Interest Checking and Interest Checking, 2009 vs. 2014
      • Investment trends suggest recession scars & product opportunity
        • Table Percentage of Small Business Owners, Management & Self-Employed Having 401K, Mutual Funds and Keogh/SEPP-IRA/Pensions, 2009 vs. 2014
      • Small business credit cards: lots of chips left on the table
        • Table Percentage of Small Business Owners, Management & Self-Employed Having Credit Cards, Branded Credit Cards and Business Credit Cards, 2009 vs. 2014
  • The Competitive Arena
    • American Express
      • Value proposition
      • Commercial card customer segmentation
      • OPEN for competition
      • Card developments and enhancements
      • Chinks in the armor
        • Table American Express Small Business Own-Brand & Co-brand Credit Card Programs: 2015
      • Product and service developments and enhancements
      • Marketing initiatives
      • The American Express small business card user
        • Table American Express Small Business Credit Card Use: Any Credit Card vs. Business Credit Card, by Small Business Participant Category, 2014
        • Table American Express Small Business Owner/Manager & Self-Employed Credit Card Use: Any Credit Card vs. Business Credit Card, by HH Income and Securities Owned, 2014
        • Table Small Business Participants: All vs. American Express Business Card Users, by Company Size, HH Income, Securities Ownership & Business Purchasing Amount, 2014
      • American Express small business growth trends
        • Table American Express U.S. Billed Business, OPEN Billed Business & Percent Charge, 2010-2014
    • Bank of America
      • Small business milestones
        • Table Bank of America Small Business Own-Brand, Co-brand & Affinity Credit Card Programs: 2015
      • Small business card portfolio
      • Bank of America Consumer and Small Business growth trends
        • Table Bank of America Consumer and Small Business Loan Metrics, Debit and Credit Purchase Value, Locations and ATMs, 2012-2014
    • Capital One
      • Getting to know you while you get to know us
      • A strong own-brand small business card platform
        • Table Capital One Spark Business Cards: Rewards Comparison, 2013-2015
      • Building a cobrand portfolio
        • Table Capital One Small Business Own-Brand & Co-brand Credit Card Programs: 2015
      • Non-card small business products and services
      • Capital One small business card growth trends
        • Table Capital One Financial Corporation: U.S. Credit Card Purchase Value & Loans Outstanding, 2011-2014
        • Table Capital One Financial Corporation: U.S. Credit Card Purchase Value & Loans Outstanding: Consumer vs. Small Business, 2014
    • Citibank
      • ThankYou program
        • Table Citibank Small Business Own-Brand & Co-brand Credit Card Programs: 2015
        • Table Citibank Citi-Branded & Retail Card Purchase Value and Loans Outstanding & 2014 Small Business Share, 2012-2014
    • JPMorgan Chase
      • Small business leadership
      • Small business cards gaining traction
        • Table JPMorgan Chase Small Business Own-Brand & Co-brand Credit Card Programs, 2015
      • Enhancing rewards
        • Table Ink Plus vs. Ink Cash, 2015
      • Launching and enhancing small business tools-and small business image Jot
      • Small business lending
      • Small business credit card growth trends
        • Table JPMorgan Chase Credit Card Volume, Loans Outstanding & Related Metrics: Consumer vs. Small Business, 2012-2014
    • MasterCard
      • Small business growth objectives
      • Business card programs in a nutshell
        • Table Small Business Credit Card Programs Offered among Top 100 Financial Institutions, by Number of Cards, Number of Bank Programs and Network Brand, 2015
        • Table MasterCard Small Business Credit/Charge Card Cards, by Major Issuer and Rewards Type: 2015
      • The MasterCard small business card user
        • Table MasterCard Small Business Credit Card Use: Any Credit Card vs. Business Credit Card, by Small Business Participant Category, 2014
        • Table MasterCard Small Business Owner/Manager & Self-Employed Credit Card Use: Any Credit Card vs. Business Credit Card, by HH Income and Securities Owned, 2014
        • Table Small Business Participants: All vs. MasterCard Business Card Users, by Company Size, HH Income, Securities Ownership & Business Purchasing Amount, 2014
      • Small business tools and resources
      • Small business relationships
      • U.S. small business card growth trends
        • Table MasterCard U.S. Total & Small Business Card Value, 2012-2014
    • U.S. Bank
      • New cards give small business the "Edge"
        • Table U.S. Bank Small Business Own-Brand & Co-brand Credit Card Programs, 2015
      • Small business tools
    • Visa Inc.
      • Commercial payment solutions
        • Table Visa Small Business Credit Card Use: Any Credit Card vs. Business Credit Card, by Small Business Participant Category, 2014
        • Table Visa Small Business Owner/Manager & Self-Employed Credit Card Use: Any Credit Card vs. Business Credit Card, by HH Income and Securities Owned, 2014
        • Table Small Business Participants: All vs. Visa Business Card Users, by Company Size, HH Income, Securities Ownership & Business Purchasing Amount, 2014
        • Table Small Business Credit Card Programs Offered among Top 100 Financial Institutions, by Number of Cards, Number of Bank Programs and Network Brand, 2015
        • Table Visa Small Business Credit/Charge Card Cards, by Issuer and Rewards Type, Top Institutions by Assets: 2015
      • Small business tools and resources
      • Microfinance
      • U.S. small business card growth trends
        • Table Visa U.S. Total & Small Business Card Value, 2012-2014
    • Wells Fargo
      • Small business lending powerhouse
      • Loans and lines of credit
        • Table Wells Fargo Business Loans and Lines of Credit, 2015
      • Small business cards and related products
  • Small Business Lending Trends
    • Summary analysis
      • Loan term and demand trends
    • Small business challenges and choice of funding
    • Microloan trends
    • A look at the top 35 banks by assets and loans outstanding: amount and share analysis
    • CRA, SBA and small business loan trending
    • Survey data
      • Senior Loan Officer Opinion Survey
      • Survey of Terms of Business Lending
        • Table Commercial & Industrial Loans Made by Large & Small Domestic Banks: Summary Analysis, 2014
    • FDIC-insured commercial bank small business lending trends
      • Introduction
      • Terms to set the stage
      • Banking behemoths continue to grow asset and deposit share
        • Table Commercial Bank Assets, Deposits, C & I Loans, Small Business Loans, and <$100K Small Business Loans: Share & Dollar Amounts, by Commercial Bank Asset Size, 2010 vs. 2014
        • Table Small Business Loans, Percent of Assets, by Commercial Bank Asset Size, 2010 vs. 2014
      • Small business loan volume in context of bank size: 2014 data analysis
        • Table Top 35 U.S. Banks by Total Assets: Assets, Deposits, Domestic Deposits & Loans Outstanding, 2014
        • Table Top 35 U.S. Banks by Total Loans Outstanding: Nonfarm Nonresidential Loans & Commercial/Industrial Loans of <$1 Million, 2014
        • Table Top 35 U.S. Banks by Total Loans Outstanding: Percent <$1 Million Non-farm Nonresidential Loans & Commercial/Industrial Loans Under $100K, 2014
    • Community Reinvestment Act small business loan trends
      • CRA loans and loan values remain far below pre-recession levels
      • Post-recession loan value and loan volume rise moderately
        • Table Community Reinvestment Act Business Originations & Purchases of Small Loans to Businesses, By Size of Loan, Average Loan Size & Small Business Recipient Share, 2010-2014
    • Small Business Administration Programs
      • Post-recession trends
      • SBA 7(a) Loan Program
        • Table SBA 7(a) and 504 Gross Business Loan Approval, Loan Number & Average Volume, 2014
        • Table SBA 7(a) Gross Business Loan Approval, Loan Number & Average Volume, Startups vs. Existing Businesses, 2009-2014
        • Table SBA 7(a) Gross Business Loan Approval, Loan Number & Average Volume, Minority, Rural, Women, Veterans & Low-Value Loans, 2009-2014
      • Top SBA 7(a) bank lenders
        • Table Top 25 U.S. Banks by SBA Loan Volume, Loan Number & Average Loan Size, 2014
        • Table Top 25 U.S. Banks by SBA Loan Volume Approved, SBA to Total Loans, Small Business to Total Loans, and <$100K to <$1Million Loans, 2014
  • Small Business Credit Card Usage Trends
    • Summary analysis
    • Small business cardholder demographics
    • Business versus personal use
    • Business expenses
    • Credit card usage trends among small business employees
      • Table Percentage Using Credit Cards, All Adults vs. Small Business Employed, 2014
      • Personal and business credit/charge card use and usage overlap
        • Table Small Business Participants: Personal Credit/Charge Use & Percent Used for Business; Business Credit/Charge Use & Percent Used for Personal, 2014
        • Table Small Business Credit/Charge Use: Personal Cards and Business Cards; Personal Purchases & Business Purchases, by HH Income, 2014
        • Table Small Business Credit/Charge Use: Personal Cards and Business Cards; Personal Purchases & Business Purchases, by Company Size, 2014
      • Small business credit/charge card users, by demographic
        • Table Small Business Participant Credit Card Users: Percent Using Business/Company Credit/Charge Card, by Demographic, 2014
      • A case for employee cards
        • Table Small Business Credit/Charge Cards: Percent Applied for Personally vs. Provided by Employer, 2014
      • Business purchase share of personal card spend
        • Table Business Purchase Share of Personal Card Spend, by Cardholder HH Income & Small Business Company Size, 2014
        • Table Small Business Credit/Charge Card Use, by Business Expense Category, 2014
    • Credit card usage trends among small business owners, managers & self-employed
      • Personal and business credit/charge card use trends: 2009-2014
        • Table Percentage of Small Business Owners, Managers & Self-Employed Having Credit Cards, Branded Credit Cards and Business Credit Cards, 2009 vs. 2014
        • Table Percentage of Small Business Owners, Managers & Self-Employed Having Business Credit Cards, Percent & Population, 2014
      • Personal and business credit/charge card use trends, by brand: 2009-2014
        • Table Credit Card Use, Branded Credit Card Use, Branded Credit Card Use Past 30 Days, Credit Card Use Most: Any Card vs. Business Card, by Card Brand, 2010-2014
      • Card brand preferences among small business participants
        • Table Credit Card Use, Branded Credit Card Use, Branded Credit Card Use Past 30 Days, Credit Card Use Most: Any Card vs. Business Card, by Small Business Participant Category, 2014
      • Demographic profile: Small business credit card users, by card brand
        • Table Small Business Owner/Manager Credit Card Use and Business Credit Card Use, by Card Brand: by HH Income and Securities Owned, 2014
        • Table Small Business Self-Employed Credit Card Use and Business Credit Card Use, by Card Brand: by HH Income and Securities Owned, 2014
        • Table Small Business Card Non-Users & Users, by Type of Card, by Type of Card: Company Size, HH Income, Securities Ownership & Business Purchasing Amount, 2014
        • Table Small Business Card Non-Users & Users, by Type of Card: Company Size, HH Income, Securities Ownership & Business Purchasing Amount, Indexed Use, 2014
        • Table Financial Services Attitudes: Small Business Card Non-Users & Users, by Type of Card, 2014
        • Table Financial Services Attitudes: Small Business Card Non-Users & Users, by Type of Card, Indexed Agreement, 2014
  • Appendix
    • Methodology
      • Consumer survey methodology
    • Market size and forecast
      • Purchase value
      • Small business purchase value
      • Value not included
      • Other
      • Sources
    • Report table interpretation
      • Color coding
      • Indexing
    • Terms and definitions

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