Inflation continues to be the biggest concern and hindrance to growth among small business owners across the country, according to the newest second-quarter data from the US Chamber of Commerce's Small Business Index.
Among the small businesses participating in the Metlife, US Chamber Business Index, 54% of small businesses rated inflation as their largest challenge, with 50% reporting a delay in plans to grow because of rising inflation. The continued rise in interest rates are forcing many small business owners to look at other forms of financing, the report stated.
"A majority of small businesses still report relying on their personal savings (71%) and credit cards (67%) as the top sources for funding their small businesses", the report showed.
"A lesser amount—but still a majority (59%) of small businesses—seek funding from local banks or credit unions."
Inflation being a top concern for small employers is nothing new as this is the sixth consecutive quarter where inflation topped the list of challenges owners.