New data released by the National Small Business Association during National Small Business Week highlights growing anxiety among U.S. small-business owners. The 2025 Small Business Economic Report shows that nearly two-thirds of respondents identified economic uncertainty as the top challenge facing their business — the highest level recorded in over a decade.
According to the report, 59% of small-business owners say the economy is worse off today than it was six months ago, and three out of four expect either a flat or recessionary economy in the year ahead. Confidence in the financial future of their businesses has also dropped to its lowest point since July 2009.
Despite the gloomy macro outlook, many small businesses remain optimistic about their own operations. A majority say they are already growing or expect to grow in the next 12 months, even as 40% report being unable to access the financing they need — a warning sign for future job growth.
Read the full report here.
