The Main Street Megaphone Data Report: Unsung Entrepreneurs quotes a businessman but explained, “I wanted to control my own destiny. I’m an industry expert and this is my chance to test my over 25 years of experience … I know I’m ready for it! “
Survey data reveal that entrepreneurs are still more likely to get business financing than younger entrepreneurs, but often choose not to use it. Bisos were up to 62% more likely to receive non-government aid and 20-46% more likely to be approved for government aid, including PPP loans, unemployment insurance, and other sources of federal financial assistance. / state, compared to younger employers.
Instead of capitalizing on these financing opportunities, many prefer to rely on personal finances, including savings (74% of employers still) and credit cards (36.6%). They are also 52.3% more likely to fund their business through retirement savings, compared to younger groups.
One businessman still commented, “I never borrow external money. I just rely on customer sales to expand the business. I don’t want to access easy money because I don’t want to owe anyone. To me, debt means you’re working for someone. otherwise and it feels like a burden “.
The COVID-19 pandemic has created extremely difficult conditions for American small business owners, with nearly 72% of entrepreneurs not yet feeling supported by local government and less than half (48.9%) feeling supported. by their local communities.
Click here to access the full Main Street: Unsung Entrepreneurs megaphone for additional information on the challenges and opportunities employers still face, with additional reports on veteran and immigrant-owned small businesses.
Since 1964, SCORE has helped 11 million entrepreneurs start, grow or solve problems in a business. SCORE’s 10,000 volunteers provide free mentoring, workshops and educational services to more than 1,500 communities across the country, creating 45,027 new businesses and 74,535 non-proprietary jobs in 2020 alone. Visit SCORE at www.score.org. Follow @SCOREMentors on Facebook, Instagram and LinkedIn.
Funded [in part] through a cooperation agreement with the US Small Business Administration.