Posted 3/7/2024, 6:12:17 PM
Small Businesses See Ongoing Recovery in 2022 But Face Headwinds From Inflation and Rising Rates
- Small businesses continued recovering in 2022 but faced challenges like higher interest rates and inflation
- 77% of small businesses reported rising costs as a financial challenge, down slightly from 81% in 2021
- 39% of firms had over $100k in debt, up from 31% in 2019; 34% struggled with debt payments
- 54% of small businesses said higher interest rates increased their debt payments
- Most small businesses expected revenue and employment increases in 2023, but less so than pre-pandemic
