Listen to this articleMinority small business owners on Long Island feel better about their firms than they do about the economy. And they say improved access to capital, networking opportunities and marketing support would help them grow their business.
That’s according to the Long Island Minority Small Business Survey, whose findings were released last week at a Long Island Association meeting.
Conducted between September and December, the survey includes the insights of 176 small business owners. The survey was conducted by the Long Island University’s Steven S. Hornstein Center for Policy, Polling and Analysis, LIA, Long Island African American Chamber of Commerce and the Long Island Hispanic Chamber of Commerce.
“We felt it was important to work with the LIA as well as the African American and Hispanic chambers of commerce here on Long Island to make sure that the views, opinions and concerns of small and minority businesses are recognized and heard,” Kimberly Cline, president of Long Island University, said in a written statement about the survey.
The survey found that 83% of minority small business owners believe their businesses are better (51%) or the same (32%) as this time a year ago, with 16% saying worse. Asked how they believe the economy is performing today, only 47% said better or same (21%, 26% respectively) with 49% saying worse than this time last year.
And 76% expected their revenue to increase over the next six months (32% saying grow a lot, 44% saying grow some), while 16% expect revenue to remain the same and 8% anticipating a decrease.
The poll also found that more than 67% of Long Island small businesses are not taking advantage of Minority- and Women-Owned Business certification (MWBE).
Small business owners also said they would gain from networking opportunities, marketing assistance and access to capital, including support in applying for grants and loans.
“A more inclusive economy results in a more prosperous region for everyone, which is why we engaged Long Island University to conduct a survey identifying the priorities and challenges of minority-owned businesses,” Matt Cohen, LIA president and chief executive officer told LIBN.
“We now have critical insight to help inform policymakers as we seek to support our business community,” he added. “The LIA will continue to partner with organizations like the Long Island African American Chamber of Commerce and Long Island Hispanic Chamber of Commerce, who both sit on our Board, to help companies founded and operated by people of color achieve more success while connecting them with opportunities including MWBE certification and training on how to utilize it to expand their companies.”
Survey respondents also said that when it comes to hiring staff, they face challenges in finding qualified candidates.