NSBA PRESS | New Economic Report: Uncertainty Stagnating Small Business Growth

In our 20th year of conducting an Economic Survey and publishing a corresponding Economic Report, 2026 data from NSBA provides a comprehensive look at small-business uncertainty and its impacts on growth, hiring, financing, policy, and a host of other key indicators. 

FOR IMMEDIATE RELEASE 

Friday, March 20, 2026 

CONTACT Molly Brogran

202-276-2131 mbrogan@nsbaadvocate.org

New Report: Uncertainty Causing Stagnant Small Business Growth 

Washington, D.C. – This week, the National Small Business Association (NSBA) released its annual Small Business Economic Report which shows a small-business community facing increased costs, economic insecurity and a hesitancy to embark on any significant growth. NSBA has been conducting this report for 20 years which takes a comprehensive look at growth, hiring, financing, policy, and a host of other key indicators. 

“More businesses today are not seeking external financing than at any point since we’ve been doing the survey,” stated NSBA President and CEO Todd McCracken. “This underscores slower anticipated growth rates and a generally stagnant small-business economy.” 

Among the key findings:  

• More than half of small-business owners say they believe that the economy is worse today than it was 1 year ago 

• The number of small businesses that reported an increase in revenues over the past year was at its lowest point in more than a decade 

• Just 18 percent of small-business owners report they hired in the past year while 21 percent say they reduced their workforce, resulting in a net deficit 

• The majority of small businesses say they have incurred increased costs in the past year, and among those, 74 percent say those cost increases are due to tariffs 

• Nearly half of small businesses say they believe the current trade and tariff policy is on the wrong track 

“Economic uncertainty remains the top concern for America's small-business owners with U.S. political instability a close second,” stated NSBA Chair Bill Belknap, CEO and President of AEONRG, LLC in Downingtown, Pennsylvania. “These are issues our political leaders could easily impact for the good—if they wanted to.” 

Please click here to read the full report. 

Celebrating nearly 90 years in operation, NSBA is a staunchly nonpartisan organization advocating on behalf of America’s entrepreneurs. NSBA's 65,000 members represent every state and every industry in the U.S. Please visit www.NSBAadvocate.org or follow us: @NSBAAdvocate. 

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