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.”