Alignable surveyed 3,316 small business owners across the US and Canada.
According to the report, small businesses are facing a cash crunch, as their cash reserves run low. The study finds that 32% of small businesses have cash reserves for only a month or less.
Moreover, over 15% of small businesses are running on no cash reserves. Minority and women-owned businesses are the worst affected. 47% of businesses owned by minority have cash reserves for a month or less, and 22% are operating with no cash reserves.
Businesses operated by women (39%) have cash for a month or less, while 19% have no cash reserves. Industry segments like retailers, restaurants, creative categories, and gym owners are the most affected by the cash crunch.
[2 minute read]