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1、 Please refer to important disclosures on pages 52 and 53.Analyst certification is on page 52.William Blair or an affiliate does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affe

2、ct the objectivity of this report.This report is not intended to provide personal investment advice.The opinions and recommendations herein do not take into account individual client circumstances,objectives,or needs and are not intended as recommendations of particular securities,financial instrume

3、nts,or strategies to particular clients.The recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein.The Small Business Beat Steady SMB Health as New Business Formation Accelerates Equity Research Technology,Media,and Communi

4、cations|Software October 21,2025 Arjun Bhatia+1 312 364 5696 Stephen Sheldon,CFA,CPA+1 312 364 5167 Jake Roberge+1 312 364 8056 Dylan Becker,CFA+1 312 364 8938 88473_a5b69d3e-b8df-4095-afef-3502803e1b78.pdfWilliam Blair Arjun Bhatia+1 312 364 5696 2 Contents Highlights From This Quarters Report.3 In

5、troduction.4 New Business Formation Trends.5 SMB Sentiment and Outlook(Soft Indicators).12 Actual Changes in SMB Fundamentals in the Last 3 Months(Hard Indicators).22 Performance Versus Expectations.28 Capital Considerations.33 Small Business Challenges.41 Business Bankruptcy Trends.43 Consumer Sent

6、iment.47 88473_a5b69d3e-b8df-4095-afef-3502803e1b78.pdfWilliam Blair Arjun Bhatia+1 312 364 5696 3 Highlights From This Quarters Report 1.Broadly positive view on SMB health this quarter.Based on the data and our intra-quarter conversations,we have a positive view of SMB health this quarter despite