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Small Business Center

Small Business Owners Are on the Ropes

July 28, 2022

Most major indicators focused on the health and outlook of America’s small businesses paint a gloomy picture for entrepreneurs. Two years of COVID lockdowns, inflation, a labor shortage and another Federal Reserve interest rate hike are taking their toll, The New York Times reported.

Surveys of small business owners by small business association NFIB, the nonprofit Small Business Majority, the U.S. Chamber of Commerce and Goldman Sachs’ 10,000 Small Businesses coaching program all showed pessimism over near-term prospects. The NFIB’s monthly index recorded its lowest reading ever for economic expectations. Significant numbers of small businesses would not survive for more than three months without additional capital or improved business conditions, the Small Business Majority reported. The U.S. Chamber’s Small Business Index Q2 2022 put inflation at the top of owners’ concerns. Nearly three-quarters of participants in the Goldman program reported that higher costs were affecting their finances. For more detail, read the full story in the NYT.

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