Cox Small Business Snapshot Sees Bright Future for Minority-Owned Small Businesses
According to the Cox Small Business Snapshot (www.coxblue.com), 90% of minority small business owners are hopeful about the growth of their business in the next year. Just over 60% have returned to or exceeded their pre-pandemic financial levels.
Hardships were brought on by COVID-19. More than 75% of respondents claimed the pandemic heightened their business challenges. Roughly half applied for Paycheck Protection Program (PPP) loans, of which about two-thirds received full funding. Of the 72% of respondents who obtained personal stimulus money, most (81%) invested the funding back into their business, with technology being the biggest investment.
Beyond the pandemic, minority-owned business owners often face unique challenges launching and growing their businesses. Top challenges faced among respondents included growing a customer base, accessing funding/capital, and planning and structuring their business. Over two-thirds (65%) say these issues are unique to minority-owned businesses. However, larger enterprises can help. 55% of business owners surveyed would like to see improved supplier diversity, as well as increased minority-specific grants and funding opportunities from bigger enterprises. Just under half (45%) want to have more mentorship or advisory programs with business executives. Cox continues to support minority-owned small businesses through ventures such as their Supplier Diversity Program.
Cox Communications is committed to creating meaningful moments of human connection through broadband applications and services. For more details on the Cox Small Business Snapshot, visit www.coxblue.com.