Many small business owners expected 2022 to be a year of recovery after two years of struggling to survive a global pandemic. But inflation, fears of a recession, a still unreliable supply chain, and a nation at nearly full employment resulting in a tight job market all loomed large, dampening many of our goals.

Business formation continues to be at historically high levels, with concerns over cost of living and inflation motivating Americans to pursue a small business venture. New research shows this trend will continue in 2023 .

A new report commissioned by Bank of America surveyed more than 1,300 small business owners across the U.S. While focusing on women and minority-owned businesses, business owners across the board are optimistic about the future.

It’s difficult to understate all the changes the business landscape has seen in the past few years, and yet entrepreneurs have responded with incredible adaptability. Perhaps that is one of the biggest reasons small business owners are optimistic about the future.

Fees in some categories are reduced from the fees currently in effect.  And, most notably, the ceiling below which no ongoing (annual service) or upfront guaranty fees will be charged has been raised from $350,000 to $500,000.

Much of this misperception is centered around borrower experiences with banks who do not specialize in SBA lending, who are not preferred SBA lenders or who do not have specific lending expertise or knowledge of the complexities of your small business.