States Most Affected Small Businesses…Where Does Iowa Rank?
If you're one of the thousands of Iowa small business owners affected by COVID-19, this probably won't bring you any solace, but as far as the state as a whole, things could be worse...they could be a whole lot better too.
A recent Wallet Hub survey found that 87% of small business owners say their business is hurting from the coronavirus outbreak. Even more alarming is this stat, 35% of small business owners saying their business cannot survive more than 3 months in current conditions.
That being said, a new study just released by Wallet Hub shows the states with the most affected small businesses. Iowa comes in at #31. To identify the states in which businesses are hit hardest by COVID-19, WalletHub compared the 50 states and the District of Columbia across 12 key metrics. The data set looks at...share of small businesses operating in highly affected industries...to small-business credit conditions...the state’s small-business "friendliness" and much more. If you want to get really in-depth check out their methodology.
It certainly appears that Iowans are doing the best we can to support our friends and neighbors who own local businesses, whether it be through on-line shopping or drive-up curb-side service. So, hang in there small business owners, and know that your customers will come running back to you as soon we're allowed! In the meantime, stay #IOWASTRONG!