“Small businesses are struggling to recover amid pandemic-related headwinds according to data released today from Goldman Sachs 10,000 Small Businesses Voices. The data from a forthcoming survey completed last week is a critical warning sign for policymakers amid the increase in COVID-19 cases that more action is needed to aid small business owners as they continue on their road to recovery,” reads a recent Goldman Sachs article.
Here are the statistics from the survey released so far:
• 44% of small business owners have less than three months’ worth of cash reserves. For Black-owned small businesses, this number increases to 51%.
• Only 31% of small business owners reported feeling confident that they could get access to funding. 20% of Black small business owners report confidence.
• 41% of small business owners report that they were concerned about the level of debt they accumulated before or during the pandemic. 55% of Black small business owners feel similarly.
• Small business owners highly support the federal government by providing additional financial emergency assistance. 88% of small business owners are in support of additional funding.
• 91% of all small business owners support the creation of a long-term, low-interest loan guarantee program.
“Eighteen months of COVID-related economic headwinds have battered America’s small businesses. While many storefronts are reopening, small business owners from across the country are sending a clear message that they need more relief in order to continue on their road to recovery,” says Joe Wall, National Director of Goldman Sachs 10,000 Small Businesses Voices.
By Delaney Sexton, Contributor Editor, Coleman Reports