September 13, 2021

Delaney Sexton
Contributing Editor

Main Street Monday – Nearly 90% of Small Business Owners Support More Emergency Funding

“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 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.

Source:
Goldman Sachs Article