Veem’s latest State of Small Business report captures a snapshot of small business sentiment amid growing inflation
San Francisco, March 31, 2022 – Veem, a leading provider of global B2B payment solutions, today announced the release of its quarterly report, “State of Small Business.” The report, which surveyed over 800 American small business owners, focused on how their businesses have been affected by the recent rise in inflation as well as their outlook for the rest of 2022 and beyond.
Below are some key findings:
- 41.5% of small businesses say they have experienced inflationary pressure in the last 1-3 months. This is compared to 25% of small businesses who say they have experienced inflationary pressure over the last 10-12 months.
- Nearly 40% of small businesses surveyed say that they feel inflationary pressures surrounding their cost of supplies.
- About one in five small businesses owners have considered taking out a loan to help with cash flow to counter growing inflationary pressure.
- As supply chain issues and pandemic-era concerns have continued into 2022, small business owners have a bleak outlook on inflation relief, with 51.5% saying inflationary pressure will not be resolved by the end of the year.
“Small businesses that survived the pandemic are now being impacted by the challenges of inflation, the worker shortage crisis, and supply chain disruptions. With increasing prices hitting merchants the hardest, small business owners worry that they won’t get the relief needed to stay open,” said Marwan Forzley, CEO of Veem. “Spiraling inflation has become the dominant issue for small businesses impacting everything from sourcing goods and materials to the cost of labor. Small business owners continue to prove their value in an adversity filled climate as they weather the storm of a pandemic and rising prices.”
To download “State of Small Business: Grappling with Inflation Pressures,” please visit here.
# # #
Trusted by more than 700,000 businesses in over 100 countries, Veem is the market leader in automating accounts payables and receivables for businesses. Started with the intention of making business payments as simple as sending an email, Veem has revolutionized the way businesses pay and get paid around the world by empowering business owners, accountants, and finance professionals to take control of their payment processes. Veem levels the playing field by providing enterprise-level payment tools to small businesses. Designed with data security and privacy in mind, Veem adheres to strict compliance, privacy and data protection practices and holds all required federal and state licenses.