Massachusetts small companies house owners say they’re nonetheless struggling financially greater than two years after the COVID-19 pandemic started, regardless of many receiving federal aid cash.
Driving the information: Greater than half (53%) of small enterprise house owners stated in a brand new ballot they’re bringing in much less income now than they did earlier than the pandemic.
- Sure, however: Bigger shares of nonwhite enterprise house owners stated funding and inflation-related value will increase have been main considerations, per the MassINC Polling Group survey, which polled 3,243 enterprise house owners in Massachusetts.
- Nonwhite enterprise house owners have additionally confronted difficulties getting COVID-19 aid funding. Black and Latino enterprise house owners have been extra prone to have acquired no COVID-19 funding, or smaller quantities, in comparison with white and Asian enterprise house owners, the findings point out.
Why it issues: Small enterprise house owners are additionally coping with a brand new set of considerations in 2022, together with provide chain disruptions, hiring challenges and inflation-related will increase.
MPG surveyed enterprise house owners with underneath 500 staff, and the overwhelming majority reported having 100 staff or fewer. Greater than half the respondents have been white.
- 60% of respondents stated funding was a serious concern.
- When damaged down by race, fewer whites (55%) thought of funding a serious concern in contrast with Latinos (88%), Blacks (85%) and Asians (77%).
By the numbers: 74% of all small enterprise house owners stated rising prices resulting from inflation have been a serious concern. One other 20% thought of it a minor concern, and 5% stated it wasn’t a priority.
- 61% stated wages maintaining with inflation was a serious concern, whereas 26% stated it was a minor concern and 11% stated it wasn’t a priority.
Between the strains: White house owners and house owners of bigger corporations have been extra prone to say they plan to promote their enterprise, or {that a} senior chief plans to retire within the subsequent 5 years, in contrast with nonwhite enterprise house owners.
What they’re saying: Steve Koczela, president of The MassINC Polling Group, stated the ballot illustrates that nonwhite enterprise house owners are going through main hurdles, however that “there’s the opportunity of a extra various future for the small enterprise group than what exists as we speak.”
