Small Business

Bank of America payments and spending data shows continued small business resiliency

Bank of America payments and spending data shows continued small business resiliency

Small business payments per client increased 11% year over year in August; Card spending per client increased 13% year over year


The Bank of America Institute released a new publication which finds continued resilience in small businesses. New Bank of America small business data shows that, despite economic headwinds, small businesses continue to strengthen in a variety of areas, including credit and debit card spending, business travel expenditures and payroll payments. Overall small business payments per client increased 11% year over year in August, up from 3% year over year in the prior month. Card spending per client increased 13% year over year last month, outpacing July’s 7% growth rate.

One important reason for the continued resiliency in small businesses is the return of business travel. According to the US Travel Association, business travel accounted for more than a quarter of total travel spending in the US prior to the pandemic. Bank of America internal data indicates that the number of travel transactions per small business client is at 90% of the 2019 annual average, the highest level since the pandemic began. This includes airlines, lodging, cruise lines, travel agency, car rental and other transportation. Furthermore, small business card spending per client for travel increased 31% year over year in August, up from 19% in July.

Small businesses also continue to see strength in payroll payments. The average overall payroll spend per client was up 11% year over year in July on a 3-month rolling average, suggesting robust hiring and wage growth momentum. Restaurant and bar payroll payments are easing from recent highs, down to a still resilient 18% year over year in August.

Other highlights of the publication include:

  • Small business card spending varied greatly across annual income tiers, and small businesses with greater annual revenues spent at a faster pace than those with lower annual revenues.
  • For small businesses with annual sales revenue higher than $1 million, card spending per client for travel was up the most, at 43% year over year in August. This increase was partially due to a reversal of the depressed levels of spending on business travel last August due to the spread of the Delta variant.
  • After-tax wages based on the internal Bank of America consumer deposit data for small business clients were up 6.1% year over year on a 3-month rolling basis in August (for more please see our latest Consumer Checkpoint). This outpaces data from the Bureau of Labor Statistics, which finds that average hourly earnings for August increased by 5.2% year-over-year.

“Despite economic headwinds like high inflation, small businesses are heading into the fall with cautious optimism,” said Anna Zhou, economist for the Bank of America Institute. “We see things like the rebound in small business travel and resilience in payroll payments as further evidence the economy is getting back on track.”

Small Business Checkpoint

Small Business Checkpoint is a regular publication from the Bank of America Institute. It aims to provide a real-time assessment of small business spending activities and financial well-being, leveraging the depth and breadth of Bank of America’s proprietary data. Such data is not intended to be reflective or indicative of, and should not be relied upon as, the results of operations, financial conditions, or performance of Bank of America.

See the Small Business Checkpoint for methodology and definitions.


BOA Logo

Bank of America Institute

The Bank of America Institute is dedicated to uncovering powerful insights that move business and society forward. Established in 2022, the Institute is a think tank that draws on data and analyses from across the bank and the world to provide timely and original perspectives on the economy, Environmental, Social and Governance (ESG), and global transformation. The Institute leverages the depth and breadth of the bank’s proprietary data, from 67 million consumer and small business clients, 54 million verified digital users, $3.8T in total payments in 2021 and $1.4T in consumer and wealth management deposits. From this robust data set, the Institute provides a unique perspective on the health of the economy. It also elevates thought leadership from throughout the bank that addresses long-term trends and shares these findings with the general public.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.



Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at by Indian River Media Group. For more information or to report news email [email protected]
Sep. 19, 2022|

Main Street workshops offer advice and mentoring to small business owners

Main Street workshops offer advice and mentoring to small business owners

Better Business Program classes

Main Street Fort Pierce held six Better Business Program classes for downtown merchants that covered subjects such as introduction to internet marketing and social media.


If providing expert advice and coaching for entrepreneurs can help new businesses avoid potholes on the road to success using the Business Accelerator Program, perhaps the same approach could be of use to business owners in Main Street programs.

That was the idea behind a pilot Better Business Program first suggested by the state Main Street organization to the Florida Small Business Development Center state headquarters. In the wake of the COVID-19 pandemic, Main Street Florida was anxious for downtown merchants to have access to business advice and expertise.

The state Florida SBDC office agreed and contacted Tom Kindred at the Florida SBDC at Indian River State College. Kindred had formerly been Main Street Fort Pierce manager prior to 1991. He created the pilot program for five Main Street organizations on the Treasure Coast: Fort Pierce, Lincoln Park, Vero Beach, Okeechobee and Stuart.

The Main Street Partnering for Better Business program consists of at least five training workshops, mentoring from experienced business consultants provided by the Florida SBDC and other services.

Main Street Fort Pierce and Vero Beach completed their programs this summer. Okeechobee and Stuart have programs scheduled and Lincoln Park has ongoing sessions.

“A partnership between historic business districts and the Florida SBDC is a natural [fit] because they are textbook owner-operators dealing with the challenges of a small business [often without any other help], and we provide assistance for that sector,” Kindred said.

“Logistically, they’re all in one geographic place, so it’s easier for us [at SBDC] to provide service and advice [to individual merchants if needed]. It’s a natural partnership that just makes sense.”

Pamela Carithers,  Lincoln Park Main Street

Pamela Carithers,
Lincoln Park Main Street

Lincoln Park is an economically disadvantaged area of northwest Fort Pierce that has long been plagued by crime, poverty and a low rate of new business formation.

Pamela Carithers, Lincoln Park Main Street’s manager, said that Clifton Vaughn, a Florida SBDC business consultant, scheduled five free workshops for September and October.

The long-term intent behind the program, Carithers said, is to establish one-on-one mentoring relationships with experienced business development professionals in the region. It is hoped that this will enhance business and entrepreneurial skills, create jobs and assist in the expansion and growth of the Lincoln Park business community.

The free workshops ran from Sept. 7 through Oct. 5 and were held at the Blackburn Center on Avenue D. The sessions concentrated on polishing marketing skills, particularly in the digital and social media arenas. Other workshops on time management and examining the importance of maintaining better financial literacy [gaining access to capital, recordkeeping, etc.] were also covered.

In addition to the no-cost one-on-one consulting, the course also included three hours of website analysis and participating businesses received exposure via the SBDC’s Small Business Florida radio show.

As an added incentive, participating businesses were eligible for up to a $500 grant if they completed four of the five sessions. The money must be used for business enhancement services.

Carithers noted that new business formation and activity had enjoyed reasonable success pre-COVID, but there was a sense of complacency in some parts of the community. Post-COVID, she said, “people have had to reinvent themselves. The shutdown caused people to rethink where they are, and more people are launching new businesses. I hope that continues.”

Here are other Treasure Coast Main Street programs that have successfully completed the series of workshops.

Doris Tillman, Fort Pierce Main Street

Doris Tillman, Fort Pierce Main Street

One such group is the [downtown] Fort Pierce Main Street organization. Longtime manager Doris Tillman, who celebrated beginning her 31st year in the position in August, noted that “when COVID happened, it was a big shock to everybody. [Downtown] Fort Pierce was forced to shut down. We did all we could to support local businesses.

“After the state Main Street organization disseminated information about grant aid, we reached out to Tom Kindred [of the Florida SBDC at IRSC]. He came here to personally interview business owners about grants that could help them.

“The biggest problem we’ve encountered is that some of our business owners are a bit lax in keeping financial records and bookkeeping,” she said. “It’s tough for them to come up with the required paperwork.”

To publicize the training program, Tillman said she advertised on Facebook through the Downtown Business Association, targeting hospitality and retail clothing businesses. Main Street Fort Pierce offered six classes covering the areas of understanding sales and marketing, an introduction to internet marketing and social media. Time management and financial literacy were also covered.

Tillman noted there was a “very, very high level of enthusiasm among business owners. They got very excited learning new stuff.”

Susan Gromis, Vero Beach Main Street

Susan Gromis, Vero Beach Main Street

Main Street Vero Beach also volunteered to launch its own Better Business Program. Manager Susan Gromis reported that the workshops ended in September and that 11 businesses took part.

Unlike Fort Pierce Main Street’s concentration on downtown merchants, Vero Beach attendees are more spread across the city, including the executive director of a nonprofit agency, Gromis said.

Gromis said participants were “very interested in the knowledge” they are acquiring. “I’ve gotten very positive feedback and they really enjoy the lectures,” she said.

Gromis had hoped for more participants but said the short time frame in which they had to pull the program together and its timing in August, when some business owners were traveling or on vacation, may have contributed to the relatively low numbers. She had hoped for 35-40 people at the lectures. Perhaps adjusting the dates of future sessions would help, Gromis suggested.

Paulette Wise, executive director of the Okeechobee Chamber of Commerce, reached out to Kindred at the Florida SBDC to take part in the Better Business program in partnership with Main Street Okeechobee.

Wise said classes were scheduled to run throughout September and into early October.
“But I think it’s going to be great,” Wise said. “It’s early days [as far as assessing the number of businesses taking part], “but we will be sending out more details of the classes using social media and personal emails to all our 300 members. SBDC is beginning to come into our community and I’m looking forward to that happening.”

The Main Street Better Business Program looks to be a valuable and useful precursor to more advice and mentoring from SBDC subject experts. So far, all participants have shown great interest and enthusiasm in learning more about the basics of business. More in-depth classes are just over the horizon and should help strengthen this important sector of the local business community.

See the original article in the print publication

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at by Indian River Magazine Inc. For more information or to report news email [email protected]

Nov. 29, 2021|

IRSC center teams with regional groups to help small businesses navigate covid aid

On the Treasure Coast, the FSBDC at IRSC began to coordinate relief efforts with counties, in tandem with economic development agencies, most notably in St. Lucie and Indian River counties.
Apr. 30, 2021|


Whiticar Boat Works in Stuart

Laura White, Andy Cornelius and Jed Wood look over a transom swim door at Whiticar Boat Works in Stuart. GREG GARDNER

Employers look for qualified workers, but communication and team abilities play strong roles


Jim Dragseth’s uncle, Curt Whiticar, started repairing and refurbishing boats in 1947 in Stuart when he established Whiticar Boat Works. Jim’s father brought his family to Stuart in 1949 and joined his brother in law making the foundation for a company that remains vibrant 70 years later. Jim joined in 1969, sweeping floors, sanding boats and doing whatever needed done. Today, he is president of the company.

Vice President and General Manager Jed Wood

Vice President and General Manager Jed Wood oversees the various renovations and repairs at Whiticar Boat Works. GREG GARDNER

On the day after Labor Day, he led nearly 50 employees at Whiticar boat yards in Stuart and Fort Pierce as they spent long hours returning boats from dry storage after Hurricane Dorian passed by the Treasure Coast.

The Whiticar company has 48 workers, which puts it in the largest segment of small businesses in Florida, where nearly 40 percent of companies have between 20 and 49 employees. He says he faces the same risks and rewards as small businesses around the country. After assuring solid business practices of his own company, success may depend on the overall workings of the economy or the increasing difficulty of finding and keeping qualified help.

There is nothing small about small business on the Treasure Coast and in Florida when it comes to impact on the economy and people’s lives. According to the Florida Small Business Development Center, 99 percent of all businesses in the state employ fewer than 50 people.

Small businesses create three out of four jobs and account for 43.5 percent of the state’s gross domestic product (GDP), according to the Florida Department of Economic Opportunity.

The latest figures, from 2015, show that there were nearly 75,900 small businesses with fewer than 50 employees in the Treasure Coast: about 32,500 in St. Lucie, 21,800 in Martin, 18,600 in Indian River and 3,000 in Okeechobee counties, reports the Florida SBDC network, which has headquarters in Pensacola and regional offices throughout the state, including one at Indian River State College.

Given the bulge in spending and business activity during the winter season, many businesses find it is imperative to make most of their money during that time.

One such business is Fort Pierce KOA, owned by Brian Bacher, who has a small campground north of downtown Fort Pierce and plans to open a much larger one in the fall of 2020 at the corner of Jenkins Road and Edwards Road in Fort Pierce.

While the Treasure Coast was largely spared the wrath of Hurricane Dorian in early September, it killed business in the normally lucrative Labor Day weekend for Fort Pierce KOA, Bacher says. “I had to cancel all the reservations and refund all the money. It hurts.”

Bacher hopes his ability to recover from single events, such as the Labor Day washout, will be alleviated when he opens the larger campground. His first location has 35 sites on 3.5 acres. His second location will have 320 sites on 56 acres.

Small businesses employed 3.4 million people in Florida as of mid-2018, according to the latest figure from the U.S. Small Business Administration Office of Advocacy. No figure for total small business employment was available for the four-county Treasure Coast. If the area has the same proportion of small business employees as the state does, the Treasure Coast would employ about 109,000 people.

Nearly half of the Treasure Coast’s population is in St. Lucie County. Housing is mainly cheaper there, but residents often commute to another county, including Martin and Indian River, for jobs.

Corey Rodgers cuts away some worm rot

Corey Rodgers cuts away some worm rot on the spray rail of a Rybovich sportfishing boat. GREG GARDNER


There are about 681,000 people in the Treasure Coast, including 321,100 in St. Lucie; 160,900 in Martin; 157,400 in Indian River; and 41,500 in Okeechobee, as of mid-2018, the U.S. Census Bureau estimates.

George Simons, president of Carter Associates in Vero Beach

George Simons, president of Carter Associates in Vero Beach.

One of the oldest continuously running small businesses on the Treasure Coast is Carter Associates, Inc. in Vero Beach, which was established in 1911 and was family-run until four partners bought the firm 11 years ago, says George Simons, current president and one of those four partners.

Unlike other businesses, Carter Associates, an engineering firm, is not greatly affected by seasonal factors, he says. Carter now has 22 employees, a figure that flexed up to 40 during the home building fury in 2005-2006.

Simons says Carter often has competition from national engineering firms vying for jobs on the Treasure Coast. Carter’s engineers often win those battles on the strength of local knowledge, he notes.

“We’re looking for additional employees at this point,” says Simons, who agrees with other small business owners that attaining good employees is at times a struggle.

Jerry Parrish, chief economist and director of research for the Florida Chamber Foundation, says after financial security, the biggest factor facing small business owners is finding enough qualified applicants for open positions, and keeping them. He cited a quarterly survey of business owners by the Florida Chamber of Commerce’s Small Business Council.

“In this time of low unemployment rates, most people that look can find a job,” says Parrish. Employers say their workers are often hired away, which means they must find and train others, he says.

Bacher has only four workers now but plans to hire about 20 workers for the larger second campground. He had experience with a larger staff when he operated a campground in Carlsbad, New Mexico. Managing 20 workers some days took up nearly all his time and created lots of drama.

A Carter Associates survey crew

A Carter Associates survey crew poses in front of pickup truck during a break in their fieldwork. CARTER ASSOCIATES PHOTOS

This is how Carter Associates workers got around in the early days

This is how Carter Associates workers got around in the early days of the company.

“The biggest challenge is finding people that can find solutions to the problems that arise,” says Bacher. In his business, workers must please customers who can be demanding. “It’s important not to get the customer upset. These days, if you don’t respond well to every issue, a customer can go to social media and leave a bad rating for you, and that hurts us.”

Whiticar Boat Works’ Dragseth agreed that finding good workers is a huge challenge.

“It is getting much more difficult to find good labor,” Dragseth says. “We find ourselves hiring people who are compatible with our existing workforce, and we do as much training as we can in-house.”

He also says that many employees who learn the trade of fixing and refurbishing boats take that training and start their own small business, which goes into direct competition with his. That happens most when the economy is strong, he says.

“I’d rather employ people that other people want rather than employ people that nobody wants,” Dragseth says.

Of the 3.4 million people employed by small businesses in Florida, 38 percent of them work for companies that have between 20 and 49 employees, Parrish says, citing U.S. Bureau of Labor Statistics information.

While companies want employees with experience in the types of jobs they are seeking, the top desire among employers is workers who are simply able to get along with co-workers, solve problems that arise and work on a team, Parrish says. That means workers who are good at communicating and have “soft skills” that may not be on a job description, he explains.

“We need the soft skills,” says Dragseth, “whether it’s civility, communication or having the basic concept of being able to hold a job. You arrive on time. Nothing’s owed to you.”

Parrish says, “Smart businesses are hiring people with hospitality skills.” Employers can teach technical skills if the applicant has the highly desired communications skills. “Manufacturers and other types of small businesses are hiring people from the hospitality industry” because former restaurant and hotel employees have been taught the ability to work with others and the public.

The huge concern among small business owners in Florida is another recession. According to the Florida Chamber of Commerce’s Florida Scoreboard, 34.2 percent of state business owners surveyed expect a recession as of August 2019, up from only 11.2 percent in mid-2018.
Simons of Carter Associates says his small business has weathered recessions, and a Great Depression, in the past and expects to be standing if another one occurs.

Simons is not one who expects a recession, saying that there is a lot of confidence in a strong economy now.

“We are more diversified now,” than in past recessions, says Simons, indicating that Carter works on an array of public and private projects in the four-county Treasure Coast, plus in Brevard County.

Another measure of the chance of recession is the U.S. manufacturing index by the Institute for Supply Management. In early September that index dropped to its lowest rate since January 2016, to below 50, which suggests a loss in manufacturing output.

Running a small business has many risks, and the failure rate of these businesses is high. Failure rates for Treasure Coast small businesses were not available. For the United States, 20 percent of small businesses fail in their first year of operation, 30 percent by their second year, and half have failed within five years. Only 30 percent of small businesses are still in existence after 10 years, according to Fundera, a service that connects small business owners with lenders.

“There are 285,100 jobs in Florida looking for people, and 344,000 people in Florida looking for jobs,” Parrish says, citing July 2019 figures, according to the Chamber’s Florida Scoreboard. The jobs available figure rose 11.5 percent from two years earlier, and the number of unemployed fell 16.5 percent.

Statewide, the unemployment rate is 3.3 percent, and locally, 4.3 percent in St. Lucie; 3.5 percent in Martin; 4.2 percent in Indian River; and 4.1 percent in Okeechobee, according to the Florida Scoreboard. The highest unemployment rates are in Hendry County at 8.2 percent and Hardee County at 6.7 percent. The lowest rate was in Monroe County, at 2.3 percent.

July’s 3.3 percent statewide unemployment rate compares with 3.5 percent in July 2018 and 4.1 percent in July 2017. The state’s highest unemployment rate since the recession of 2008-2009 was 11.3 percent in February 2010.

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at by Indian River Magazine Inc. For more information or to report news email [email protected]

Oct. 7, 2019|