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Operation HOPE|SurveyMonkey: Minority small business index

Operation HOPE|SurveyMonkey: Minority small business index

Black SBOs’ expectations for changes in government policies and regulations—along with their expectations for President Biden—continue a downward slide

Black SBOs expectations for President Biden’s potential positive impact dropped 22 points since last quarter (65% in Q2 to 43% in Q3). Positive expectations of those age 65+ dropped 30 points (91% in Q2 to 61% in Q3).

Black SBOs positive expectations of all policies and regulations dropped in Q3. Since Q1, positive expectations of government regulations dropped 18%, followed by 14% in tax policy, and 13% in technological innovation. A decline in the positive expectations of women and less experienced SBOs especially contributed to this trend.

Similar to previous quarters, Black SBOs’ have higher positive expectations about government regulation and policies than general respondents in the latest CNBC|SurveyMonkey Small Business Survey.  

In the next 12 months, do you expect changes in _______ to have a negative effect, no effect, or a positive effect on your business?

Negative effectNo effectPositive effect
Government RegulationCNBC58%29%11%
Black CNBC32%38%28%
Hope 1MBB22%53%25%
Tax PolicyCNBC60%28%10%
Black CNBC33%37%27%
Hope 1MBB32%47%19%
Trade PolicyCNBC43%44%11%
Black CNBC24%43%31%
Hope 1MBB27%57%14%
Technological InnovationCNBC14%48%36%
Black CNBC12%37%50%
Hope 1MBB6%31%61%
Immigration PolicyCNBC38%49%10%
Black CNBC23%52%25%
Hope 1MBB13%75%11%

COVID-19 effects linger for Black small business owners

A third (37%) of Black SBOs say their business cannot continue operating more than a year under the current restrictions related to controlling the coronavirus outbreak. In fact, a majority of those aged 65+ (53%) say that their business cannot last more than a year (40% say it can survive more than a year).

A significant majority of Black SBOs do not think their business will “get back to normal” after the pandemic. Instead, 7 in 10 (69%) Black SBOs say that there will be a “new normal” of conducting business. 

Black SBOs identified a number of issues that impacted their business this past year. In particular, Black SBOs identify cost of supplies (49% say a lot, 27% say a little), restrictions related to COVID-19 (43% say a lot, 31% say a little), and supply chain disruptions (37% say a lot, 27% say a little) as the main culprits that have affected their business in the past year.

Women outpace men in access to several key business development opportunities

Black small business owners surveyed in Operation HOPE and SurveyMonkey's Q3 survey were more likely than previous quarters to say that access to capital is their greatest need (52% in Q3, 43% in Q2, 46% in Q1). Women SBOs’ need for financial capital jumped 10 points from 40% in Q2 to 50% in Q3.

Nearly 1 in 5 (19%) women small business owners say they trust a community-based organization or non-profit the most to help their business succeed, while only 7% of men agree. 

This may relate to higher rates of women than men who participate in opportunities to improve their business. Among black small business owners surveyed in Operation HOPE and SurveyMonkey's Q3 survey, women outpace men on several key opportunities.

  • 65% of women have participated in a small business-development training, compared to 55% of men.
  • 45% of women say they have access to successful small business owners, compared to 32% of men.
  • 39% of women have participated in a financial education or financial counseling, compared to 29% of men.

Read more about our polling methodology here

Click through all the results in the interactive toplines below: