New Wells Fargo/Gallup Poll: Anti-Terrorist Security Measures Not Major Financial Concern for Small Business Owners
November 10 2003 - 8:00AM
PR Newswire (US)
New Wells Fargo/Gallup Poll: Anti-Terrorist Security Measures Not
Major Financial Concern for Small Business Owners First Quarterly
Issue Survey Reveals Little Financial Burden, Some Operational
Impact from Anti-Terrorism Measures SAN FRANCISCO, Nov. 10
/PRNewswire-FirstCall/ -- The financial impact of terrorism fears
may not have dealt American small business as severe a blow as once
feared, with 70 percent of small business owners saying they have
felt no financial impact from increased security measures. The
results are part of the Wells Fargo/Gallup Small Business Index,
which measures business confidence and overall market conditions.
Sponsored by Wells Fargo, the nation's leading small business
lender, and conducted by the Gallup Organization, the Small
Business Index provides insight into the views of U.S. small
business owners. The new index includes the first quarterly issue
survey, Report on the Impact of Anti-Terrorist Security Measures on
America's Small Businesses. "We're very encouraged to see that
small business owners are not experiencing a significant financial
burden from changes in security measures as a result of terrorism,"
said Rebecca Macieira-Kaufmann, executive vice president and Small
Business Segment Manager for Wells Fargo. "Given that the future of
our economy is tied to the success of the small business sector,
the results from the Wells Fargo/Gallup Small Business Index are
another indication that small businesses are resilient and will
continue to be a key driver of our economy in both robust and tough
times." The Index indicates that small companies investing in
security improvements did not find them to be a major capital
expense. One in four of the small business owners surveyed
indicated that increased security measures have had only a minor
negative impact on their companies, with only 2 percent claiming
major negative impacts. The Index shows how business owners
invested in their immediate protection needs. Only 17 percent of
small business owners said they have upgraded security measures for
their employees; 28 percent said they upgraded security for data
and records. The expense in both instances was perceived as a minor
one by surveyed owners. However, while the expense of security
improvements was not identified as a financial burden, a
significant minority of small business owners said terrorist
threats have had a negative impact on other aspects of their
business. Almost one in three said security has had a negative
impact on the cost of business travel; 18 percent indicating a
negative impact on its frequency. Similarly, 17 percent also
reported a negative impact on both their access to customers and on
freight shipping times. About Wells Fargo Wells Fargo & Company
is a diversified financial services company with $391 billion in
assets, providing banking, insurance, investments, mortgage and
consumer finance from more than 5,900 stores, the Internet
(wellsfargo.com) and other distribution channels across North
America and elsewhere internationally. Wells Fargo Bank, N.A. is
the only "Aaa"-rated bank in the United States. Providing financial
products and services to more than one million businesses with
annual sales up to $20 million in all 50 states, Puerto Rico and
Canada, Wells Fargo is the #1 lender to small businesses in the
United States in total dollar volume. Wells Fargo ranks 2nd
nationally in total dollar volume of SBA loans, 3rd in total SBA
loans. An SBA Preferred Lender in 28 states and the District of
Columbia, Wells Fargo originated 3,181 SBA loans totaling $473
million for the twelve months ending September 30, 2003. Speer
& Associates rated the wellsfargo.com small business site the
best online banking site for small business customers in 2002
(wellsfargo.com/biz). Its targeted business services programs
provide outreach and education to women, African American, Latino,
and Asian business owners about financial services. Since 1995,
Wells Fargo has loaned more than $18 billion to women and minority
business owners. About the Gallup Organization For more than 60
years, the Gallup Organization has been a recognized leader in the
measurement and analysis of people's attitudes, opinions and
behavior. While best known for the Gallup Poll, founded in 1935,
Gallup's current activities consist largely of providing marketing
and management research, advisory services and education to the
world's largest corporations and institutions. DATASOURCE: Wells
Fargo & Company CONTACT: Matt Hurwitz of Wells Fargo &
Company, +1-415-222-1679, or Web site: http://www.wellsfargo.com/
Copyright