Main Street Monday — Seven years after the ‘Great Recession,’ only 1 in 5 small business owners say they have completely recovered
May 18, 2015
By Bob Coleman
Editor, Main Street Monday
Says Bank of America in its Spring Small Business Owner Report
Small business owners are still working their way toward a full recovery from the ‘Great Recession,’ with only 21 percent reporting a complete recovery and 41 percent saying they have somewhat recovered. Larger-revenue small business owners (25 percent) are more likely than smaller-revenue (18 percent) and medium-revenue (17 percent) small business owners to feel they have completely recovered. Longer-tenure companies are more likely to still be feeling the impact of the recession (32 percent) than shorter-tenure companies (16 percent).
In addition, the top concerns of small business owners include healthcare costs (70 percent versus 74 percent in spring 2014) and effectiveness of U.S. government leaders (69 percent versus 75 percent in spring 2014).
However, across the board, small business owners are less concerned about business factors than they were a year ago, with the exception of interest rates (55 percent in 2015 versus 53 percent in spring 2014).