The Bank of America Institute released its findings from its first Small Business Checkpoint, a new publication that aims to provide a holistic and real-time estimate of Small Business financial activity, spending and financial well-being, leveraging the breadth and depth of Bank of America proprietary data from its approximately three million small business households.
Highlights of the publication:
- Small Business aggregate credit and debit card spending was up 16% year-over-year in April; within this, April growth in credit card spend (20%) outpaced growth in debit card spend (12%)
- Total payments across all types up 14% per client year-over-year, demonstrating both spending growth and the impact of inflation on expenses
- In April, Small Business clients saw strong deposit balance growth at 16% year-over-year
- Travel spending was 57% higher year-over-year as the pandemic impact continued to fade
- Automated Clearing House (ACH) and Wire payments grew 24% and 18% respectively, often representing bigger ticket items like rent, car loans/leases, and payroll
“Small Businesses remain a key driver of the U.S. economy” said David Tinsley, senior economist for the Bank of America Institute. “While the pandemic represented a substantial period of economic disruption to Small Businesses, they have bounced back convincingly and seem relatively well-placed to deal with a slowdown in the economy.”
Read the full Small Business Checkpoint for additional details.