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Ranking Member Luetkemeyer Reacts to SCORE Survey "Megaphone of Main Street: Inflation & the Economy"
WASHINGTON, D.C. – Ranking Member Blaine Luetkemeyer (R-MO) issued the following statement on the latest SCORE Survey:
“The SBA’s resource partners, including SCORE, serve as a vital tool for small businesses and provide free counseling, resources, and mentorship. In order to provide the best service for entrepreneurs, it is vitally important that the SBA’s resource partners stay up-to-date on the top concerns of small business owners. Recently, SCORE surveyed a large sample of small business owners on how they felt about the current economy and inflation. The findings are clear, small business owners are adversely impacted by inflation, supply chain disruptions, and labor shortages under President Biden’s failed leadership,” said Ranking Member Luetkemeyer.
Read the full survey here.
Key Takeaways:
“The SBA’s resource partners, including SCORE, serve as a vital tool for small businesses and provide free counseling, resources, and mentorship. In order to provide the best service for entrepreneurs, it is vitally important that the SBA’s resource partners stay up-to-date on the top concerns of small business owners. Recently, SCORE surveyed a large sample of small business owners on how they felt about the current economy and inflation. The findings are clear, small business owners are adversely impacted by inflation, supply chain disruptions, and labor shortages under President Biden’s failed leadership,” said Ranking Member Luetkemeyer.
Read the full survey here.
Key Takeaways:
- Most business owners are worried about inflation. 30.5% list inflation as a top concern and another 62.5% are generally concerned as they keep an eye on rising prices.
- Due to continued economic uncertainty, three out of four business owners (76.4%) report feeling ambivalent about the economy – either somewhat positive, somewhat negative or neutral.
- Many small business owners (62.7%) have seen their profits decline over the past six months.
- Vendors and suppliers are charging 65.7% of business owners more than they were six months ago
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