May 25th, 2021

// Reimagine Main Street Releases New Survey, Hosts Senior Government & Business Leaders to Share Insights to Get Main Street Back To Business

Reimagine Main Street Releases New Survey, Hosts Senior Government & Business Leaders to Share Insights to Get Main Street Back To Business  

NEW Survey Finds Diverse Small Businesses Most Optimistic But Signs of Recovery Not Equally Distributed     WASHINGTON, D.C. -- Optimism prevails for small business owners as the vaccine rollout continues, with diverse small businesses owners reporting the most optimism about the future, according to survey results from Reimagine Main Street (RMS)a project of Public Private Strategies, that is focused on helping small business and their workers recover from effects of the pandemic. The survey, which polled more than 1,300 small business owners from April 28 - May 12, 2021, also found that while small businesses are confident about the future, there are barriers and biases that are not experienced equally across communities of entrepreneurs. Work remains to be done on the road to an inclusive recovery.  Other key findings from the survey include: More than 80% of Black and Hispanic small business owners, and more than 70% of Asian American and Pacific Islanders (AAPI), are optimistic about the future of their business, compared to 70% of white small business owners. More than 60% of AAPI, Black, Hispanic, and White small businesses owners who received Paycheck Protection Program funding reported it was critical to keep their businesses running. At least two thirds of AAPI (66%), Black (67%), and Native (75%) small business owners expect it will take at least six months to return to pre-pandemic revenue, with Hispanic and White business owners only slightly more optimistic. Across the board, women business owners are less likely than men (37% vs. 45%) in reporting that business is returning to normal. Young (<50) Hispanic men are most confident (63%) that we have turned the corner on pandemic and that business is returning to normal. By contrast, young Latinas are among the least confident (29%). All segments of older (50+) entrepreneurs expect slower recovery than their peers with older AAPI women the least confident in signs of recovery (26%) of all segments of business owners.  Only about 1 in 3 (37%) of the smallest businesses (<$250K revenue) is confident in their ability to access financing to fuel growth. For larger businesses (>$1M revenue), there is a 28% “confidence gap” between diverse entrepreneurs and their White peers.  The survey was fielded in partnership with the National Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE), the US Black Chambers, Inc. (USBC), and the United States Hispanic Chamber of Commerce (USHCC) who are members of the Reimagine Main Street initiative.  “Seeing the data cut by race and ethnicity allows us to get a better read on the path to recovery. Small businesses make communities. The optimism of diverse business owners is encouraging, but we aren’t out of the woods. We need to continue efforts to get shots in arms and find much better ways to finance Main Street businesses,” said Tammy Halevy, co-lead of the Reimagine Main Street initiative.  Senior Government Officials & Business Leaders Share Insight on Pathway Forward   The survey partners will be hosting an event, “Back to Business: Restarting Main Street in the Wake of COVID-19", today at 12:30 pm EST. The event will discuss highlights from the survey and feature conversations with senior government and business leaders including Cedric Richmond, Senior Advisor to the President and director of the White House Office of Public Engagement.  “Small businesses play a critical role in building and strengthening our communities – they create jobs and are the key to sustaining vibrant economies, says Franz Paasche, senior vice president, chief corporate affairs officer, PayPal, who is participating in the event. “We’re so pleased to be a part of this event to highlight how we can work across the public and private sectors to strengthen the financial health of business owners of color and forge a path to inclusive recovery.” Additional Quotes from Small Business Owners and Leaders Joining Today’s Release Ramiro Cavazos, President and CEO of the United States Hispanic Chamber of Commerce“COVID disrupted a Latino business boom and the economic recovery should aim to restore it. The optimism that we see in these survey numbers is encouraging. This crisis has taught us the importance of public health access, including bilingual translation of information for our business community. We will continue to work with policy makers to ensure that all business owners of color have the support they need Chiling Tong President/CEO of the National Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship“The COVID-19 pandemic has been devastating for Asian American and Pacific Islander businesses both financially and through the rise in anti-Asian violence. It is critical that we get through this pandemic as quickly as possible to make sure we build back better for future generations.” Ron Busby, Sr., President/CEO of the U.S. Black Chambers, Inc.“When our country faces a crisis, the most vulnerable are hit the hardest, especially in the Black community. This was the case with Covid-19, but business owners can help put us on the path to recovery by embracing the vaccine.”
# # # About Reimagine Main StreetSmall businesses and their workers must rebound from the COVID-19 crisis so that communities thrive and the benefits ripple throughout the economy.  We are a multi-stakeholder, cross-sector initiative focused on advancing and uplifting innovative solutions to ensure that Main Street is at the center of our recovery. Reimagine Main Street is a project of Public Private Strategies. About Public Private Strategies Public Private Strategies (PPS) creates opportunities where the public and private sectors meet. We bring together diverse allies including foundations, associations, corporations, small businesses, and entrepreneurs to solve pressing societal challenges. By harnessing the power of the private sector, we build coalitions, activate campaigns, and create strategic partnerships to drive desired policy and market outcomes.


Sign Up and get a free 7 day Train it Right HIIT Program!