Small business continues to struggle in Massachusetts

Small business continues to struggle in Massachusetts

Small Business Owners in Massachusetts They say they are still struggling financially more than two years after the COVID-19 pandemic began, despite many receiving federal relief money.

News Leadership: More than half (53%) of small business owners in a new survey said they generate less revenue now than they were making before the pandemic.

  • Yes, but: Larger stocks of non-white business owners said financing and cost increases associated with inflation were a major concern, according to a MassINC Polling Group survey, which included 3,243 business owners in Massachusetts.
  • Non-white business owners have also had difficulties obtaining COVID-19 relief funding. The results indicate that black and Latino business owners were more likely to receive no COVID-19 funding, or lower amounts, than white and Asian business owners.

why does it matter: Small business owners are also dealing with a new set of concerns in 2022, including supply chain disruptions, employment challenges and inflation-related increases.

Survey MPG Business Owners With fewer than 500 employees, the vast majority reported having 100 or fewer employees. More than half of the respondents were white.

  • 60% of respondents said funding was a major concern.
  • When broken down by race, fewer whites (55%) considered funding a major concern compared to Hispanics (88%), blacks (85%), and Asians (77%).

In numbers: 74% of all small business owners said rising costs due to inflation was a major concern. Another 20% considered it a minor concern, and 5% said it was not a concern.

  • 61% said that keeping up with wage inflation was a major concern, while 26% said it was a minor concern and 11% said it was not.

Between the lines: White owners and large business owners were more likely to say they plan to sell their business, or that a senior leader plans to retire in the next five years, than nonwhite business owners.

what are they saying: Steve Cozzella, president of MassINC’s survey group, said the survey shows that non-white business owners face significant obstacles, but that “there is potential for a more diverse future for the small business community than there is today.”

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