CBA Shares Stories, Insights, and More From Member Banks Supporting Small Businesses 

Last month, the Consumer Bankers Association (CBA) celebrated Small Business Saturday with a countdown sharing the important work our member banks do to support Main Streets across America. This blog provides a look back on small business stories, insights, and more from our members.

From jewelers and manufacturers to home improvement contractors, entrepreneurs are showing that resilience and ambition go hand in hand, especially when they have strong financial partners by their side. 

Through initiatives like U.S. Bank’s Small Business, Big Ambition program, Capital One’s Blueprint for Business Resiliency, Synchrony’s flexible financing solutions for trades, and Chase’s Coaching for Impact program, banks are equipping Main Street small businesses with the tools, capital, and technology they need to thrive.

Empowering Business Owners Through U.S. Bank’s Small Business, Big Ambition Program 

High school sweethearts-turned-business owners Soha and Aubree Javaherian founded Soha Diamond Co. as a way to redefine engagement-ring shopping, providing customers the opportunity to learn more about gems and custom options through a one-on-one experience. 

• Their business is a recent winner of U.S. Bank’s Small Business, Big Ambition contest; a year-round initiative run jointly by U.S. Bank and Elavon, designed to empower small businesses by offering support beyond traditional banking. 
• The program supports small business owners by providing essential resources, financial products, and community support. Winners receive $3,000 to invest in their business, consultations with U.S. Bank Business Access Advisors, equipment upgrades, and more. 

Soha and Aubree say U.S. Bank has “played a tremendous role in our steady growth over time,” highlighting how the bank has supported them in the day-to-day needs of their business, including managing cash flow and expenses, utilizing different offerings from the bank, and more. 

U.S. Bank’s work through Small Business, Big Ambition is just one example of how they support Main Streets across America – equipping entrepreneurs with the necessary resources, financial products, and community support to thrive. 

Capital One Insights on How Small Businesses Build Resilience 

In today’s fast-paced environment, resilience is essential for small businesses as they overcome challenges and stay competitive in the midst of change. 

However, running a small business is not easy and business owners face perennial challenges. According to a recent survey from the Capital One Insights Center, some of the most difficult challenges that small business owners face include planning for the future, time management, and managing cash flow. 

• Despite a challenging year, many resilient businesses are looking ahead to the future with growth in mind. An overwhelming majority of resilient business owners (89 percent) are excited about opportunities to grow their businesses, even though nearly half (48 percent) said this past year was the most difficult they’ve experienced as owners.
• Supported by a suite of digital tools, survey respondents highlighted how business credit cards and digital tools play a big role in enabling them to stay flexible – with 81 percent of resilient business owners reporting having a business card, and 90 percent saying it’s essential for cash flow.

Capital One customers Pacific Transformer and Quantious are prime examples of this resilient mindset in action.  

Pacific Transformer, a California-based custom transformer manufacturer, faced a major supply-chain disruption in 2021, but they were able to pivot quickly and take on new clients and investments to exponentially grow their revenue. Relying on its relationships with employees, customers, and Capital One – in addition to a suite of digital tools such as business credit cards, enterprise planning systems and AI adoption – Pacific Transformer is able to stay flexible and resilient. 

Founder and CEO of NYC-based marketing agency Quantious, Lisa Larson-Kelley understands the power of credit and digital tools in building and maintaining a resilient business — and the creative ways in which small businesses can leverage credit card rewards. Her fully remote team uses Capital One Venture X Business rewards towards travel expenses for in-person team gatherings every nine months — keeping them connected and collaborative while creating budget capacity for reinvesting back into the agency.

• Konrad Schwarz, Head of Business Cards & Payments at Capital One says, “small businesses are the backbone of Main Street America, creating significant contributions to local economic growth, job creation and community success. Trusted financial partners can play a vital role in helping small businesses build a smart, right-sized digital toolkit that supports long-term success.” 

These stories are just a few examples of how Capital One’s digital tools allow small businesses to stay resilient. Whether it’s a manufacturer streamlining its operations, a mom-and-pop-shop fostering customer relationships, or a marketing agency providing client services, Capital One is able to support Main Street by providing small business owners the flexibility to respond to challenges, focus on growth and plan for the future. 

Synchrony Financial Provides Flexible Financing Solutions to Support Small Business Trades Across the Country

The latest Consumer Trends in the Trades report from ServiceTitan, developed in collaboration with CBA member Synchrony and Premier Sponsor VISA, analyzes evolving homeowner preferences and spending behaviors to provide actionable insights that contractors can use to help grow their business.

• The report highlights trends such as younger generations’ stronger tendency for home improvement, increase of women as key decision-makers in home development projects, increased diversity in the newest generation of homeowners, and most notably – a 90 percent rise in online payments via for home improvement contracting services. 

As cash and checks are replaced by a growing demand for digital convenience and flexible payment options, Synchrony’s digital platforms allow for small contractors to meet the wants of their customers and compete for business.

• "At Synchrony, we partner with some of the best home improvement businesses across all the trades – from roofing and HVAC to plumbing, electrical and beyond,” said Curtis Howse, EVP and CEO, Home & Auto, Synchrony. “We’re committed not only to empowering our partners with flexible financing solutions, but also to equipping them with resources for achieving business growth.”

By providing small business owners with convenient digital solutions to manage their day-to-day needs, Synchrony allows entrepreneurs in the trades to stay flexible and resourceful.

Chase for Business: Giving Entrepreneurs the Coaching to Succeed 

Chase’s commitment to small businesses is showcased through the many resources offered to entrepreneurs – whether it’s access to capital, providing new customer markets, or mentorship opportunities. 

The Coaching for Impact program is one part of this larger commitment to America’s small businesses – a holistic approach that provides consulting and executive coaching, online education opportunities, and banking solutions to help make running a small business seamless. 

• Small business owners can share their goals and needs for their small business and be connected with one of Chase’s 58 local Senior Business Consultants from across 21 U.S. cities who have mentored thousands of small business owners since the program’s inception in 2020. 
• In addition to these personalized coaching opportunities, Chase also offers educational resources covering the basics of how to manage finances, marketing, and supplier relationships for small businesses. 
• Chase’s business podcast, The Unshakeables, provides an inside look at how other small businesses have faced adversity and come out on top – giving owners a dose of inspiration.

Chase’s Coaching for Impact program is one part of how they support Main Street by developing an ecosystem for small businesses to help build resilience, access capital, and scale smarter.