Massachusetts Small Business Owners Although many have received federal aid money, they say they are still struggling financially more than two years after the start of the Covid-19 pandemic.
driving news; More than half (53%) of small business owners in the new poll said they are bringing in less income than before the pandemic.
- Yes, but: A larger share of non-white business owners said funding and inflation were the top concerns, according to a MassINC polling group survey of 3,243 business owners in Massachusetts.
- Non-white business owners face difficulty accessing Covid-19 relief funds. Black and Latino business owners were more likely than white and Asian business owners to receive no or a small amount of COVID-19 funding, the findings indicated.
Why is it important? Small business owners are dealing with a new set of risks in 2022, including supply chain disruptions, hiring challenges and inflation-related increases.
Business owners surveyed by MPG Fewer than 500 employees and most reported having 100 or fewer employees. More than half of respondents were white.
- 60% of respondents said funding is a major concern.
- When broken down by race, fewer whites (55%) than Latinos (88%), blacks (85%) and Asians (77%) consider financial aid a major concern.
In numbers: 74 percent of small business owners said price increases due to inflation are a big concern. Another 20% consider it a slight concern, and about 5% say it is not a concern.
- Sixty-one percent said inflation was a major concern, 26% said it was a slight concern, and 11% said it was not a concern.
Between the lines; White owners and owners of large companies are more likely to say they plan to sell their business or that a top executive plans to retire in the next five years than non-white business owners.
What they say: Steve Koczella, president of the MassINC polling group, said the poll shows that non-white business owners face significant obstacles, but “there is a more diverse future for the small business community than there is today.”