Chief product officer Shruti Patel discusses the bank’s survey that found most small business owners, led by those in Gen Z, plan to invest in growth
Small businesses have had to navigate a complex set of challenges this past year, with rising costs, lower consumer sentiment and higher interest rates. Yet a new U.S. Bank survey shows their resilience remains intact, with more than 90% of owners saying they plan to grow their business over the next year.
“They are investing,” Shruti Patel, chief product officer for business banking, said during a recent interview with Bloomberg Television. “They are taking measured approaches to capital allocation and trying to bring about operational efficiencies by leveraging technology more.”
The survey, conducted in spring of 2026 among 1,000 U.S. small business owners with between two and 99 employees and revenue of $25 million or less, found 68% of small business owners surveyed reported growth over the last year. That compares with 88% reporting growth in last year’s survey.
“We are seeing increased macro environment stressors,” Patel said during the interview, explaining why many of the small businesses reported growth as flat or down and optimism is soft. Yet, she said, their plans to invest show resiliency, and younger owners in particular are showing optimism with higher risk appetites.
"We see Gen Z business owners taking very bold, calculated risks,” Patel said, noting that Gen Z represents the second largest age demographic at more than 70 million, trailing only Millennials.
“They are more focused on accelerating the growth,” she said.
Of the survey respondents, 24% of Gen Z owners said they plan to take bigger risks to accelerate growth, compared to 21% of millennial owners and just 13% for both Gen X and Baby Boomer owners.
Patel also said the survey found that 75% of small business owners are using generative AI, with nearly all users reporting positive benefits. Adoption of digital tools for payments and backend processes such as payroll and account receivables was also widespread and saw a significant jump from last year.
“They are using AI to bring their backend operation costs down so that is how they are mitigating some of the cost of just doing business,” Patel said.
See the full interview with Bloomberg Television here: Tech Selloff Drags Stocks Lower | The Close 6/22/2026.
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