Economy: NFIB Small Business Optimism Index (SBOI) for MARCH 2026

Wednesday, April 15, 2026

NFIB Small Business Optimism Index (SBOI) for MARCH 2026

The National Federation of Independent Business® (NFIB®) released its Small Business Optimism Index (SBOI) for March, 2026:
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Predicted: 98.0

Actual: 95.8

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Change from Previous Month: -3.04% (-3.0 points.)

Change from A Year Ago: -1.64% (-1.6 points.)

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CHART: NFIB Small Business Optimism Index

MARCH 2026 Update

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The baseline "100" score is associated with 1986 survey data.

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From the Report:

"...CREDIT MARKETS

In March, the net percent of owners expecting easier credit conditions remained at a net -5% (seasonally adjusted). A net 5% reported their last loan was harder to get than in previous attempts, unchanged from February and close to the historical average of a net 6%. In March, a net -3% of owners reported paying a higher interest rate on their most recent loan, unchanged from February. The average interest rate paid on short maturity loans was 7.9% in March, down 0.3 points from February. Twenty-four percent of all owners reported borrowing regularly, down 1 point from February.

...Inflation will become even more of a problem as oil prices respond to developments in the Iran conflict. Only a few ships are getting through Hormuz each day compared to well over 100 pre-war, slowing not only the supply of oil, but many other important products as well. The Federal Reserve is likely to stay steady now, but a rate hike becomes more likely if the current elevated inflation environment persists. The share of small business owners raising average selling prices has stabilized at rates that prevailed at the end of the last administration (CPI up 20% over 4 years). Lower oil prices will benefit all concerned, but that may take a while even after the Strait [is back to normal]..."