LendingTree Survey of Small Business Owners Finds 46% are Concerned They Won't Have Enough Money to Reopen
LendingTree | May 29, 2020
Even as states and cities slowly allow more businesses to reopen, many entrepreneurs are anxious about doing so. Nearly half of small business owners worry they cannot afford to resume normal operations following mandated closures to slow the spread of COVID-19, according to LendingTree's latest survey of small business owners. Approximately 46% of small business owners cite funding as the primary obstacle to reopening, and that once open, increased health and safety measures could further stifle sales. Although most small business owners are eager to reopen once their cities and states fully lift restrictions, some entrepreneurs worry about the lingering effects of the pandemic. Just 11% of respondents said they have no anxiety about reopening. The biggest concern for 39% of small business owners is that they will not generate enough sales to make opening worthwhile. And 30% are nervous they would have to shut down again if there is another spike in coronavirus infections. A smaller group is worried about complying with ongoing social distancing and health safety guidelines, as 8% said that was their main concern, while 5% are most troubled about employees not wanting to return to work.