Ideology Over Wallet: One Week from the Election, Small Business Owners Say They'll Vote First on Personal Ideals

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Oct 28, 2024, 07:00 ET

Bluevine data reveals three in five SBOs will place business-friendly policies on the backburner in lieu of their personal beliefs

JERSEY CITY, N.J., Oct. 28, 2024 /PRNewswire/ -- Bluevine, the banking platform that serves as the financial operating system for startups and small businesses, shared voting insights from small business owners stemming from its 2024 Mid-Year Business Owner Success Survey ("BOSS") Report™. Bluevine's BOSS Report benchmarks the data behind the actual decisions that US-based small business owners (SBOs) are making and informs their future decisions.

With the 2024 presidential election one week away, Bluevine data reveals that the majority (58%) of SBOs plan to vote for a candidate who aligns with their personal ideals over business-friendly policies. In fact, SBOs are nearly split on the potential impact the presidential election will have: with 53% expecting a new Republican President to have a positive effect on their business and 40% expecting a new Democratic President to improve their business.

"Small business owners aren't voting with their wallets, and it's clear that government policy does not dictate their growth strategies," says Eyal Lifshitz, co-founder and CEO of Bluevine. "Moving into a new year and new Administration, it's important for small business owners to avoid polarizing political rhetoric, and continue to prioritize products and services that maximize flexibility."

When it comes to government policy, SBOs cite inflation (62%) and taxes (50%) among the biggest concerns. However, the survey reveals that regulations are simply not a concern to negatively impact business success.

"Regardless of who wins the election, January will mark the beginning of a new White House Administration," said Sharon Carmeli, General Counsel & CCO at Bluevine. "However, the vast majority of small business owners who participated in our survey are not concerned about government regulations impacting their business success."

For access to the complete Mid-Year BOSS Report™, visit here.

Methodology
Bredin, an independent research firm specializing in SMB market trends, conducted a survey of 1,200 small business owners nationwide between June 5-18, 2024. The respondents reported annual revenue between $100,000 and $5 million.

About Bluevine
Bluevine is the banking platform that serves as the financial operating system for startups and small businesses. Through a single account, companies can earn more, save more, borrow, and manage their money whenever and wherever they do business – without ever stepping into a branch. Accessible through one dashboard, its product suite integrates high-yield business checking, accounts payable, debit and credit cards, loans, and lines of credit. Since 2013, Bluevine has served over 500,000 customers, delivered over $14 billion in loans, and is currently trusted with over $1 billion in managed customer deposits.

Bluevine is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12 (Microsoft's Venture Arm). Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC. Lines of credit are issued by Celtic Bank. For more information, please visit bluevine.com or follow us on LinkedIn, Instagram, Facebook, and Twitter.

SOURCE Bluevine