Episode summary
Small Business Resilience Highlighted at Chase Make Your Move Summit | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 38 min · Hosts: Carol Massar, Tim Stenovec · Guests: Stevie Baron, Katie Kirkpatrick, Leslie Wims Morris, Reggie Washington
Summary
Small business sentiment has softened, but the discussion centered on how owners remain resilient even as inflation, higher energy prices, geopolitics, and tight consumers weigh on the outlook. A guest from Chase for Business said the firm’s monthly survey still shows strong confidence in individual businesses even when owners are more cautious about the broader economy, and described small businesses as a crucial engine of U.S. growth. He pointed to payroll growth, consumer spending, and hiring as evidence that the sector is holding up despite a tougher backdrop.
The conversation also framed Chase’s Make Your Move Summit in Atlanta as a networking, education, and product showcase for roughly a thousand small business owners. The guest said the bank is pushing coaching, AI training, cyber education, and expanded access to capital, while also aiming to deepen its reach with small businesses over time. Atlanta’s business climate, talent pool, airport connectivity, and corporate base were presented as reasons the metro area keeps attracting investment.
Later segments turned to affordability in auto finance and restaurants. A guest from Chase Auto said vehicle prices and monthly payments remain elevated, but consumer demand is still resilient, with more buyers choosing longer loan terms, used cars, or hybrids. A restaurateur said higher costs, changing eating habits, and demand for healthier and grab-and-go options are reshaping the business, but growth remains possible with discipline and adaptation.
Key takeaways
- The guest from Chase for Business said small businesses are "very positive about their individual business" even while they worry about the economy.
- He said small businesses represent 45% of U.S. GDP and generate two out of every three new hires, making their health macrocritical.
- The guest said Chase plans to support small businesses with coaching, AI education, cyber awareness, and 80 billion of new originations over 10 years.
- A guest from Chase Auto said new vehicle prices average about $50,000 and 18% of car payments are now over $1,000 a month.
- The restaurateur said higher costs, GLP-1 usage, and demand for cleaner food are pushing restaurants toward healthier and grab-and-go formats.
- The Metro Atlanta Chamber president said the region’s appeal rests on business certainty, connectivity, and access to talent.
Notable quotes
“small business owners are actually very positive about their individual business uh and the likelihood that they're going to continue to grow”
“small businesses represent 45% of the GDP of the US economy. So, how small business owners are doing is how the economy is going to do”
“if I was going to use one word, I'd use resilient”
“The average vehicle prices are now $50,000 for a new vehicle”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Business Week Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenc.
Hey, one thing we want to talk about is obviously the small business community. We did get a read on US small business optimism falling to a three-month low in September. A lot of what is concerning small businesses, Tim, is inflation, higher energy prices. It matters.
It's not just that. I mean, it also has to do with uh the way the consumer is feeling potentially strapped in this economy, right? the questions about, you know, how long this geopolitical tensions will continue, not just in the Middle East, but also Russia's invasion of Ukraine. And, you know, we talk about it a lot in the context of economic data, but small business owners are thinking about it, too.
Yeah. And so, too is Stevie Baron. He is the CEO of Chase for Business here at Make Your Move Summit in Georgia. Uh, and of course, it is hosted by the JP Morgan Chase team. But, uh, we caught up with him a little bit earlier. Here's what he had to say. First of all, we're here in Atlanta. This is pretty cool. actually outside of Atlanta.
Yes. — Tell us about this event and what it's all about. Your fourth year at — Yes. It's our fourth year that we're at the Make Your Move Summit which brings together close to a thousand small business owners. Uh and it's an opportunity first of all for them to learn from each other and to talk about all the things you just talked about in terms of how they're investing in their business, the state of the economy, the resiliency plans that they have.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- small business optimism
- regional economic sentiment
- business expansion
- chase make your move summit
- atlanta small business
Companies and tickers mentioned
- JPM
- JPMorganChase
- Chase for Business
- Metro Atlanta Chamber
- Chase Auto
- SONAT Hospitality Group
- Southern National Restaurant
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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