The 21 Hats Business Owners and Debt Survey

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* 1. Which of these sentences most closely reflects your attitude toward borrowing money for your business?

Taking on debt is a risk that I will not take.

Taking on debt can be a useful tool that will help my business grow.

Taking on debt is essential for most growing businesses.

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* 2. Have you ever signed personally for a business loan?

Yes

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* 3. Would you sign personally for a business loan knowing that it would put your home at risk?

Yes

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* 4. Right now, my business’s debt is:

Zero

Less than $20,000

Between $20,000 and $50,000

Between $50,000 and $100,000

Between $100,000 and $250,000

More than $250,000

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* 5. Right now, my credit card balances are:

Paid off

Under control

Causing concern

Maxed out

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* 6. Have you ever been unable to get a bank loan?

Yes

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* 7. Have you borrowed from an alternative, online lender such as OnDeck Capital or Kabbage?

Yes

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* 8. If you have borrowed from alternative lender, what do you think your annualized percentage rate was (as close as possible)?

I have not borrowed from an online lender

8 percent

12 percent

18 percent

36 percent

72 percent

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* 9. Did you get a Payroll Protection Program loan?

Yes

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* 10. Do you expect your PPP loan to be forgiven?

Yes

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* 11. Do you own the building that holds your business’s primary location?

Yes

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* 12. If you had a choice between opening a second location or buying a building for your first location, which would you choose?

Open a second location

Buy a building