Massachusetts small business struggles persist

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 reduction 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 price will increase had been main issues, 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 reduction funding. Black and Latino enterprise house owners had been extra prone to have obtained 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 issues in 2022, together with provide chain disruptions, hiring challenges and inflation-related will increase.

MPG surveyed enterprise house owners with underneath 500 workers, and the overwhelming majority reported having 100 workers or fewer. Greater than half the respondents had been white.

• 60% of respondents stated funding was a serious concern.
• When damaged down by race, fewer whites (55%) thought-about 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 as a result of inflation had been a serious concern. One other 20% thought-about 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 had 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 dealing with main hurdles, however that “there’s the potential of a extra numerous future for the small enterprise group than what exists at the moment.”