Optimism Rising Among Minority Businesses

A new survey of minority-owned businesses in New England shows rising confidence about the economy. As WNPR’s Harriet Jones reports, a majority of businesses questioned say they expect to increase sales.

The survey was conducted by the Greater New England Minority Supplier Development Council, which is based in Hamden. It has 400 affiliated member businesses, which combined employ more than 48,000 workers in the region.

The questionnaire rates confidence on a seven point scale, where seven is “extremely optimistic”. Businesses responding gave an average score of 5.5, up from a score of 5 when the survey was taken last year. 79% of those responding said they expect to increase sales within the council network this year. Just over 15% said they expect to reduce their workforce – that’s down significantly from the 35% who expected layoffs last year.

Almost 18% of minority businesses surveyed said they’d been turned down for a loan this year – that’s about level with last year. The survey also shows the impact of stimulus money – 14% of those questioned said they have received federal stimulus funding, up from just over 3% last year.

For WNPR, I'm Harriet Jones.