NEW YORK, Feb. 28 /PRNewswire/ -- Small businesses generate slightly over half of the nonfarm private gross domestic product in North America. The United States is home to more than 26 million small businesses, accounting for $9 trillion in revenues and over $2 trillion in assets. A new report from Packaged Facts, Financial Services for Small Businesses in the U.S., indicates that small businesses can produce up to $350 billion in financial service and product revenues annually, including almost $200 billion in banking and $137 billion in insurance premiums. The opportunities for financial services providers are many, as small business banking customers tend to carry account balances 25 times greater than the average.
Beyond loans, cash management, payroll processing and trade financing, small-business owners are in serious need of financial planning and private banking assistance because of their lack of diversification; almost half their personal wealth is invested in their businesses. Financial services providers can provide additional services -- from retirement savings, to credit card products, to the sale of the business.
"The number of small businesses is growing daily and there are huge opportunities for financial services providers," comments Tatjana Meerman, Publisher of Packaged Facts. "However, there are challenges in this fragmented market of big banks versus community ones and competition from many other players to win the entangled personal and business finances of the small- business owner. Marketers need to have a 360-view of a small business' financial needs to provide a superior level of attention in order to succeed in this marketplace."
Financial Services for Small Businesses in the U.S. focuses on the size and segmentation of the small business market and looks at the characteristics of small business owners. The report provides an in-depth analysis of how small businesses use financial products and services, their attitudes and unmet needs. Competitive profiles on major market players, their strategies and future plans are examined. For further information on this report from Packaged Facts visit: http://www.packagedfacts.com/Credit-Cards-Small-1391120/
About Packaged Facts
Packaged Facts publishes market intelligence on a wide range of consumer industries, including consumer goods and retailing, foods and beverages, demographics, pet, and financial products. Packaged Facts also offers a full range of custom research services. For more information visit http://www.packagedfacts.com/, or contact Tom Ehart at 240-747-3014 or tehart@marketresearch.com.
Packaged Facts
