Massachusetts’ small business struggles continue.

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.”

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