Survey Finds Over Half of Small Businesses Took Preemptive Action Ahead of Tariff Changes
CHICAGO, May 20, 2025 -- Small businesses remain generally positive about growth potential, though optimism has fallen slightly in the face of economic uncertainty, according to the latest Small Business Cash Flow Trend Report from OnDeck, the leading small business lending company at Enova (NYSE: ENVA) and Ocrolus, the document AI and cash flow analytics platform for lenders.
Key findings include:
- Growth expectations: 93% of small businesses anticipate significant or moderate growth in 2025 (compared to 94% in Q4 2024).
- Tariff concerns: A majority of small businesses (55%) reported taking action ahead of tariff implementation to prepare their businesses for potential operational or financial impacts.
- Rising AI use: More than half of small businesses (69%) are using artificial intelligence tools often to assist with marketing-related tasks.
- Businesses bypassing traditional banks: 76% of small businesses report turning to non-bank lenders and bypassing traditional banks, a survey all-time high.
"The small business community is resilient, and we see them working hard to prepare themselves to weather certain environmental factors such as tariffs. Whether it's additional capital needed for front-loading inventory or help with general cashflow demands, OnDeck is committed to supporting small businesses with accessible, transparent and dependable financing," said Jim Granat, Co-President of Small Business at Enova.
"With macroeconomic conditions evolving rapidly, small business owners need capital solutions that are as agile as they are," said David Snitkof, SVP of Growth at Ocrolus. "AI-powered analytics infrastructure enables lenders to evaluate real-time cash flow data to identify more qualified businesses and expand access to the capital they need to navigate uncertainty."
The report is based on responses from 437 small businesses with working capital loans and over 2 million small business applications for working capital financing during the past 15 months. The nationwide survey was completed between February 17-27, 2025. For more information and complete survey results, please visit: ondeck.com/small-business-trends.
About OnDeck®
OnDeck®, part of Enova International, is the proven leader in transparent and responsible online lending to small businesses. Founded in 2006, the company pioneered the use of data analytics and digital technology to make real-time lending decisions and deliver capital rapidly to small businesses online. Today, OnDeck offers a wide range of term loans and lines of credit customized for the needs of small business owners. OnDeck has provided loans to customers in 900 different industries nationwide. For more information, visit www.ondeck.com.
About Enova
Enova International (NYSE: ENVA) is a leading online financial services company that serves small businesses and consumers who are underserved by traditional banks. Over its 20-year history, Enova has provided over $61 billion in loans and financing to more than 12 million customers by offering a suite of market-leading products powered by the company's world-class analytics, machine learning algorithms and proprietary technology. You can learn more about the company and its portfolio of businesses at www.enova.com.
About Ocrolus
Ocrolus is a document AI platform that enables faster and more accurate financial decision-making. The company analyzes documents with over 99% accuracy, regardless of format or quality, supporting over a thousand document types, including bank statements, pay stubs, and tax forms. Ocrolus provides a trusted solution to detect fraud, analyze cash flows and income, and streamline decisions for 400+ clients across a number of use cases. Customers such as Enova, PayPal, Brex, CrossCountry Mortgage, Plaid, and SoFi leverage Ocrolus automation to build delightful user experiences. To learn more, visit Ocrolus.com.
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