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The problems of small Massachusetts companies are still present

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News Tech: Despite getting federal assistance, many Massachusetts small company owners claim they are still having financial difficulties more than two years after the COVID-19 outbreak started.

Yes, but: According to the MassINC Polling Group report, which surveyed 3,243 business owners in Massachusetts, larger proportions of nonwhite business owners said funding and inflation-related cost increases were their top worries.

In a recent poll, more than half (53%) of small business owners claimed they were making less money than they were before to the pandemic.

Business owners who are not white have had trouble receiving COVID-19 relief funds. Comparing black and Latino business owners to white and Asian business owners, the statistics show that they were more likely to have gotten no COVID-19 financing or less money.

While 26% of respondents said it was a slight problem and 11% said it wasn’t a concern, 61% stated that wages keeping up with inflation was a major concern.

Between the lines: When compared to nonwhite business owners, white owners and owners of larger companies were more likely to state they planned to sell their company or that a top leader intended to retire within the next five years. What they say is this: The poll shows that non-white business owners face significant obstacles, but according to Steve Koczela, president of The MassINC Polling Group, “there’s a prospect of a more diversified future for the small business sector than what exists today.”

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