Small Business Owners Are Not as Financially Prepared as They May Think, According to TD Bank Survey
Vast majority (82%) of small business owners indicate that they are likely to consider applying for a loan or line of credit but overlook the value of expert financial advice
CHERRY HILL, N.J., May 01, 2025--(BUSINESS WIRE)--Across the U.S., at a baseline, nearly all (94%) small business owners (SBOs) believe that their company is financially prepared for the next 12 to 18 months. But peel back the layers, and SBOs may not actually be as ready as they imply. Nearly three-fourths (72%) of owners believe they can withstand revenue shortfalls for just two quarters – or less – before becoming concerned about the future of their business – and 43% of owners said their business would not survive if they fell short on revenue for three to four quarters. This is according to TD Bank's inaugural Financial Preparedness Survey: Small Businesses Owners' Report, which surveyed U.S. small business owners' current confidence in their financial preparedness.
"Now, more than ever, it is critical for business owners to be financially prepared," said Andy Bregenzer, Co-Head of U.S. Commercial Banking at TD Bank. "Business owners who invest the time to create a financial plan will be better positioned to face challenges and seize new opportunities. Financial preparedness is not just about business survival but also about positioning your business to grow with confidence no matter what the future holds."
SBOs: Don't get ready, stay ready
Luckily, financial preparedness is top of mind for SBOs, with nearly all respondents (99%) assessing their financial preparedness quarterly or more frequently. Cash flow is key, with more than half (52%) saying a positive cash flow is an indicator of financial preparedness, while 37% believe it's having enough capital to weather emergencies.
To support their financial preparedness goals over the next year and a half, a vast majority (82%) of SBOs indicate that they are likely to consider applying for a loan or line of credit. The top goals for this loan or line of credit include maintaining company operations (38%), undertaking a significant financial technology upgrade or overhaul (33%), expanding into new market verticals (33%), and making payroll (32%). The majority (87%) are confident their applications will be approved.
Ask the Experts
To support their financial goals, owners acknowledge the importance of financial guidance and are seeking financial advice on best practices for running their business. However, less than half (46%) are turning to a banking or financial partner. 45% of SBOs are consulting other small business owners and another 30% are utilizing generative AI tools like ChatGPT.
"Small business owners don't have to face challenges alone. Bankers are true small business experts – we've seen it all, and we know how to help. SBOs who are going at it alone are leaving good advice – and potential opportunities – on the table," said Bregenzer.
What's the currency of business? Trust.
Trusted financial partners like TD Bank, can offer guidance as small businesses navigate shifting economies. This includes education on financial resources and types of funding, like access to SBA loans, asset-based lending and flexible lines of credit, to support both longer-term purchases and day-to-day operations. In times of uncertainty and frequent change, access to lines of credit enable business owners to respond swiftly.
One such client is the attorney and real estate developer duo of Eric Jenkins and Earle Horton, who envisioned turning a historic building on Washington, D.C.'s former Walter Reed Army Medical Center campus into a neighborhood hardware store, café, and offices. This ambitious project to create Hazel's Hardware and cafe, required an innovative blend of New Markets Tax Credits (NMTC) with a U.S. Small Business Administration (SBA) construction-to-permanent loan — a combination most banks couldn't structure.
"TD's ability to coordinate multiple funding sources made the complex project feasible. There were half a dozen times when TD could have walked away from this deal, but they didn't," says Eric Jenkins. "Unlike other banks, TD stood out as having the resources to provide the solutions we needed. They had a super-strong SBA team plus a super-strong New Markets Tax Credit team, which was exactly what we needed."
Beyond financial offerings, banking partners also serve as a key knowledge source. By understanding the structure of small businesses and their ongoing business relationships, banking partners help owners identify opportunities for growth and capitalize on them quickly.
"Despite continued concerns about economic pressures, interest rates and inflation, small business owners prove time and time again that they're a resilient group – SBOs are optimistic about their success, they work hard for it, and they deserve a trusted banker who will navigate uncertainty alongside them," said Bregenzer.
Survey Methodology
Wakefield Research conducted the Financial Preparedness Survey: Small Businesses Owners' Report, among small business owners (100 employees or fewer), with revenues of $100,000+ annually, 250 nationwide respondents and 150 respondents in each of the following regions: New York City, Boston, Washington D.C., South Florida and Greater Philadelphia, between March 7th and March 20th, 2025, using an email invitation and an online survey.
About Wakefield Research
Wakefield Research is a leading, independent provider of quantitative, qualitative, and hybrid market research for thought leadership and strategic insights. Wakefield Research is a partner to the world's leading brands and agencies, including 50 of the Fortune 100. We conduct research in nearly 100 countries and our surveys appear regularly in top-tier media. Learn more at www.wakefieldresearch.com.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S. by assets, providing over 10 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth®. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Instagram at www.instagram.com/TDBank_US/.
TD Bank is a subsidiary of The Toronto-Dominion Bank, a top 10 North American bank. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250501575848/en/
Contacts
Media: Oindrila HazraTD BankCorporate Communications Manager II – Commercial and Small Business BankingOindrila.Hazra@td.com
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Also, be sure not to put any sensitive or personally identifiable information into a chatbot, just in case there's ever a data breach. – Corinne Reichert 👉 See: Job Hunting With AI: 7 Techniques We Tried and How to Use Them Check for plagiarism with AI If you're a teacher, you've likely received essays that read too safe and predictable, as if a machine was trying to emulate how people write. For good reason: There's a chance it was written by AI. It's happening in job applications, emails and blog posts, too. The phenomenon exploded after ChatGPT's debut in 2022. So you need to be on the lookout, but also be careful not to accuse people of using AI without some evidence. Luckily, there are AI plagiarism-checkers, some free and some paid, that can help. One that stands out to me is Copyleaks, which has been around since 2015. Or click on the link here to read how one CNET contributor, a professor of strategic communications, catches — or deters — cheaters in her classes. – Imad Khan 👉 See: How to Detect AI Writing Keep your data safe while using an AI chatbot Anything entered into a large-language model becomes part of it. And once that happens, there's really no way to claw back that data. For that reason it's important you keep your private information out of those systems as much as possible. AI security practices are still in their infancy. Experts are still trying to figure out the best ways to secure this kind of software. Accidental leaks can happen, and just like any other system, AI ones can be breached and their data stolen. Obviously, you can never completely control what companies and other groups do with your data, but you can avoid handing over personal details when you use an AI-powered system. Think twice before getting too personal with a LLM and never give it your most private data like your Social Security number or banking information. – Bree Fowler, senior writer 👉 See: Be Careful With the Data You Give DeepSeek... and Every Other AI The Leonardo AI image generator might not understand "cottage core coastal grandma," but it does understand the rustic feel with blues and warm light. Created by Katelyn Chedraoui using Leonardo AI Creating images with AI Pick the best AI generator for you Creating unique and personalized art is easier and quicker than ever, thanks to generative AI. AI image generators use text-to-image tech that lets you bring your artistic visions to life with simple text prompts. But not every AI image generator is created equal, and not all will be right for your project, needs and budget. Our top pick is Dall-E 3 by OpenAI, with its conversational flow and detailed renderings. If you're looking for a beginner-friendly program, is great, and professionals might want to play around with Adobe's Firefly model. Check out our full rankings and reviews via the link below to learn how to pick the best program for you. – Katelyn Chedraoui, staff writer 👉 See: Best AI Image Generators of 2025 Write a perfect AI image prompt To make the best AI images, you need to start with the right prompt. Prompts are the keywords or phrases you give the image generator to describe your artistic vision. Every prompt needs these three essential elements: the characters/elements, the setting and the image dimensions. From there, you can build out your prompt to be more descriptive. Think about what aesthetic or artistic style you want (photography, cartoon, anime) or what color palette you want. Try to think holistically about your art: What emotion do you want to evoke? What's the end product you're looking for? If your generator lets you upload a style or reference image, be sure to take advantage of those tools. Every generator understands prompts differently, so take some time to get to know your service. – Katelyn Chedraoui 👉 See: Create Better AI Images With These Expert Prompt Writing Tips Use the iPhone's Clean Up tool to remove distractions in photos With iOS 18, Apple added a long-awaited feature (at least, long awaited by me) that lets you remove distractions from the background of your otherwise perfect shot, such as photobombers. Called Clean Up, it lives within Photos and uses AI to essentially erase whatever — or whoever — you want. Jeffrey Hazelwood/CNET If you have an iPhone 15 Pro model, iPhone 16 device or iPad or Mac with an M-series chip (essentially, a device that supports Apple Intelligence), you can access Clean Up by going to Photos, then tapping the three lines at the bottom right of the screen. Then, hit Clean Up. From there, you can tap or circle what you'd like to remove. You can even pinch to zoom in and get closer, if there's something smaller you'd like to eliminate. And voila! You've got an Instagram-ready, distraction-free shot. – Abrar Al-Heeti, senior reporter 👉 See: How to Remove Distractions From Your Holiday Photos Using Apple's Clean Up Tool Fix a weird or wonky AI image So, you've generated an image using AI, and it's just… not quite right. A weird flub in the background, a disappearing element, a person with three legs and 14 fingers — despite constant advancements, AI image generators aren't perfect. Mistakes (or hallucinations) like these are headaches I've had to deal with many times while testing and reviewing different AI generators. There's not one specific reason why your image didn't come out quite right, but I recommend starting at the beginning. Revisit your prompt to make sure it's addressing everything you want, and take out any conflicting instructions. Try not to use too many post-generation editing tools. Less is more. If that still isn't working, it might be time to start from scratch or even pick a different service. – Katelyn Chedraoui 👉 See: Learn From My Worst AI Images and Fix These Biggest AI Fails Digging deeper Remove or reduce AI features on your Samsung Galaxy phone It's almost impossible to find a new phone that doesn't tout AI features. Unlike the Pixels and the iPhones of the world, Samsung gives you a lot of extra... everything. From preinstalled bloatware to its own app store that allows you extend the functionality of your phone, it's a lot. With so many features packed into Galaxy S phones, you may want to draw a line when it comes to AI. Until it becomes less gimmicky, at least. Luckily, Samsung also makes it fairly easy to turn off its built-in AI features — something we'd love to see Google allow you to do on its Pixel lineup. But it's not just about turning AI off. You can be selective about what AI features you want and turn off the ones you don't. In this sense, Samsung's "extra-ness" pays off. If you're an iPhone user, you have your own set of options for turning off Apple Intelligence. – Blake Stimac, How To Writer 👉 See: How to Turn Off AI on Your Samsung Galaxy Phone, or at Least Rein It In Find info using Circle to Search Ever see something on your phone and wish you could just Google it, without having to leave the app that you're in? That's exactly what Circle to Search does. On your compatible Android phone, all you need to do is press and hold the home button, draw a quick circle around whatever caught your eye, and boom — Google gives you all the details you need. It's great for quick product lookups, translating text, or just settling those "what is that?" moments. It started on newer phones, like the Galaxy S24 and Pixel 8, but it's since rolled out to older models like the Galaxy S21 and Pixel 6. There's also a similar feature available in Google Chrome for the iPhone, in case you're team Apple. – Nelson Aguilar 👉 See: Google Brings Circle to Search-Like Feature to the iPhone in Its Google and Chrome Apps Use AI to spice up your photos on the Google Pixel 9 While the Pixel 9 series of phones pack superb cameras, the baked-in AI image editing tools let you easily take things further by adding or removing items from the frame. Start by opening an image in the library, then tap Edit, then tap the multicolored image icon tucked in the bottom left corner of the screen. This will bring up the AI-based Magic Editor. In the tool, you can now tap on areas of your image — the sky, for example — or draw circles around certain objects to select them and then tap Reimagine. This will bring up a text box allowing you to type in your prompts of what you want to see. I might circle a section of empty, boring sky and type a prompt of "flock of birds" to add an extra element into the scene, or add some flowers to liven up a dull patch of grass. Each prompt will give you three options to choose from and you can press Redo to get a new set of results. – Andrew Lanxon, editor at large 👉 See: Pixel 9 Pro XL Review: 2 Months Later, Google's Phone Still Rocks
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3 reasons I won't let ChatGPT anywhere near my ISA!
A lot of peopleare excited about the potential of AI tools like ChatGPT to help them find information and make suggestions. But while some hope such a tool can help them decide what shares to buy for their ISA, I will not be touching that approach with a bargepole! Why not? Here are three of my reasons! Nobody knows what will happen in future, including in the stock market. Smart human investors consider a company's track record, but in the context of trying to decide how it may perform in future. AI tools often like concrete rather than abstract inputs. I fear that means they may over-emphasise a company's known past performance, instead of synthesizing its unknown possible future performance. Each investor is different. But, if 100 investors were to ask an AI tool what the best shares to buy are, I think the answers may be fairly consistent. Now in fairness, ChatGPT did respond to my prompt, 'what's the best share for my ISA?' by saying it can depend on factors like one's investment goals, risk tolerance, and time horizon. Still, not paying enough attention to individual context could be highly problematic. Different investors have their own objectives and risk tolerances. Something I have noticed ChatGPT seems to struggle with fairly regularly is clearly distinguishing between facts and people's opinions. Asking it what I ought to with my ISA, I fear that part of the response may potentially mix up facts and opinions. For example, when I asked ChatGPT what the best share is for my ISA, although it said it would need more information as 'best' depends on different factors, it nonetheless went on on the same page to offer me a list of 'popular and potentially strong-performing shares commonly held in ISAs (based on current sentiment)'. What 'current sentiment' (whatever that means: whose sentiment is it?) thinks are the best shares for my ISA may not actually be the best shares for my ISA – or anywhere close. For example, one share on the list is one I own: Diageo (LSE: DGE). I do think it has strong prospects, which is why I bought it. But the share price performance has been poor: the FTSE 100 stock has fallen 28% in a year. What about the dividend? Diageo's 4.1% yield beats the FTSE average but is nowhere near the highest yield on the index. Yes, it has a strong track record of annual dividend increases – but nowhere near as strong as Spirax, for example. So, is Diageo really the 'best share for my ISA'? It could turn out to be. After all, it has strong brands, a large addressable market, proven business model, and unique assets. But it also has substantial debt and faces changing market dynamics that could see alcohol consumption fall, hurting Diageo's sales and profits. In other words, while Diageo may turn out to be the best share for my ISA, there are far too many unknowns to have any certainty. Investing takes time, skill, a sense of one's own objectives and risk tolerance, as well as an ability to interpret facts. I will not be leaving that to ChatGPT! The post 3 reasons I won't let ChatGPT anywhere near my ISA! appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool C Ruane has positions in Diageo Plc. The Motley Fool UK has recommended Diageo Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
