Veem’s latest State of Small Business report captures a snapshot of small business sentiment amid interest rate increases and inflation pressure
Veem, a leading provider of global B2B payment solutions, announced the release of its quarterly report, “State of Small Business.” The report, which surveyed over 400 American and Canadian small business ownersi, focused on their business outlook for the rest of 2022 as inflation concerns, interest rate hikes, and recession fears loom.
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Below are some key findings:
- Recession Fears Are Real: 49% of small businesses said they are anticipating a recession before the end of 2022.
- Tight Job Market: Hiring concerns continue to plague small businesses with 51% of small business owners saying it’s hard to find employees right now, one of the most valuable resources for a small business owner.
- Sticky Prices: 60% of small businesses said they do not think prices will go down this year.
- Macro Concerns Plaguing Main Street: 63% of SMB owners are worried about the financial health of their business due to inflation and rising interest rates.
- Rising Rates Redirecting SMB Spending to Debt Repayment: 77% of merchants are worried about the impact of rising interest rates, with small business owners saying they would either pay down credit cards and other variable-rate debt (25.8%) or increase their savings (23.5%).
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“Small business owners are feeling the effects of big economic themes in their everyday lives as inflation and interest rate hikes become top of mind. Many entrepreneurs are still struggling to regain their footing after two years of uncertainty and are looking to navigate a challenging landscape for months ahead,” said Marwan Forzley, CEO of Veem. “Between employee hiring challenges, to surging prices, small business owners’ existing debt is getting harder to repay, culminating in recession fears and dealing with uncertainty about their business’s future. If these last few years have taught us anything, it’s that entrepreneurs are innovative and resourceful, persevering through adversity and stand committed to making it through additional upheaval.”
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