Small business owners cautiously optimistic

Small business owners are signaling confidence in their own businesses despite their belief that the economic recession will continue into 2011, according to results of the 2010 U.S. Bank Small Business Annual Survey.

"The results prove a truth we all embrace, that American small business owners are resilient and they are survivors," said Rick Hartnack, vice chairman at U.S. Bancorp and head of consumer banking. "There is no question that this sector will be central to our economic recovery."

The survey shows that nine of 10 small business owners feel the economy is in a recession and nearly eight of 10 feel we will still be in a recession next year. However, despite the current economic climate, most respondents were confident in their own company's ability to weather the storm.

Fifty-six percent reported revenue in line or higher than last year and 47 percent of respondents expected revenue to be higher next year. Sixty-three percent said their company is financially healthy.

For the future, more than half of respondents said they feel health care reform will negatively impact small businesses.