From the Star Ledger:
Small businesses in New Jersey struggled to pay their November rent at a higher rate than businesses across the country, according to a new study.
And it’s even worse for minority-owned businesses.
Sixty-seven percent of minority-owned businesses surveyed in the state couldn’t afford to pay their full November rent. That compares to 44% of minority-owned businesses nationwide, said the November Rent Poll by Alignable, an online network of small business owners with more than 5 million members.
The survey questions showed New Jersey businesses — in many categories — are faring worse than the national average:
- 35% of New Jersey business couldn’t pay their full rent in November compared to 32% nationally
- 37% of women-owned businesses in the state couldn’t pay their full rent compared to 35% nationally
When it comes to cash reserves, small businesses in New Jersey are also doing hurting more, the study said.
In New Jersey, 42% of small businesses reported that their cash reserves will run out by the end of the year. That number compares to 22% nationally.
The survey also found 16% of New Jersey small business owners are already out of cash reserves. Nationally, it’s 12%.