Poll: Latinx-owned small businesses in Massachusetts seek additional revenue; half say they have not received any funding they applied for
Latinx-owned businesses express higher interest in growth and expansion than other small businesses.
In a recent statewide survey commissioned by Coalition for an Equitable Economy in partnership with The MassINC Polling Group (MPG) and Mass Growth Capital Corporation (MGCC), analysis sponsored by Amplify Latinx highlighted the needs of Latinx-owned small businesses in Massachusetts. Latinx-owned small businesses not only report a decrease in revenues (53%) compared to pre-covid rates, but they also received less COVID relief funding. Overall, 61% of Latinx-owned small businesses received less than $51k in COVID relief funding, which includes 19% that received no funding at all. Having an opportunity to increase funding is critical for all small businesses, especially coming out of the depths of the pandemic.
While Latinx-owned small businesses’ main goals are regarding the growth and expansion of their company, they are less likely to obtain additional funding sources. Latinx-owned small businesses are less likely to report receiving the full amount of funding they apply for in comparison to all small businesses. Only 11% of Latinx-owned businesses received all the funding they applied for while 50% received none of the funding they applied for.
More Latinx-owned businesses are focused in the coming years on growth and expansion (40%), compared to all small businesses (24%). Latinx-owned businesses express interest in obtaining additional equipment (47%) and increased hiring (41%).
About the survey:
These results were part of a larger survey of 3,243 Massachusetts small businesses with 500 employees or fewer, including 443 Latinx-owned businesses. The survey fielded from June 30 - August 9, 2022, during which small businesses were contacted by a network of sponsoring and participating organizations and invited to complete an online survey. The survey was offered in English, Spanish, Portuguese, Mandarin, and Haitian Creole. The final survey data was weighted to estimate population parameters by race and gender of the business owners, based on data from the U.S. Census and the Small Business Administration. The survey was conducted by The MassINC Polling Group and sponsored by the Massachusetts Growth Capital Corporation. The survey was sponsored and distributed by a large group of business and community organizations across Massachusetts. Support for respondent incentives was provided by The Harvard T.H. Chan School of Public Health. Support for the analysis of Latino-owned business was provided by Amplify Latinx.