Small Business – According to their rent report for the month of July, 2021 that was recently released by Alignable, one of the largest online referral networks for small businesses in North America, it concluded that 52% of businesses owned by minorities were not able to pay their rent for that month.
As well, the report said that only 1% more of the minority-owned businesses could pay their rent this month. And only 2% more of all small businesses could cover July rent in full and on time.
This figure of 52% is greater than the Canadian average of 43%, which is a cumulative figure based on all demographic groups and industries. Over 5900 small businesses were polled by Alignable for this report between July 2 and 23.
These figures prove that many small businesses are still trying to cope with the long term effects of the COVID pandemic, while other types of businesses are making a great deal of rapid progress and recovery.
In Canada, there are three provinces where their small businesses are hardest hit when it comes to the inability to pay their rents this month: Ontario (46%), British Columbia (42%), and Alberta (41%).
Alignable’s July rent report also stated that these following sectors continue to struggle to pay monthly rent: nonprofits (64%), entertainers/artists (50%), transportation (48%), event planners (43%), restaurants (40%), beauty salons (39%), gyms/fitness centers (38%), retailers (37%), construction (37%), and travel (28%).
Another interesting stat from this report is that more than one-third of businesses that were owned by women (37%) also did not pay full rent on time in July, whereas fewer male-owned and veteran-owned businesses struggled.
In fact, compared to June, the veteran-owned businesses saw an increase of 15 percentage points in the number of owners who could pay their full rent.
For more information about Alignable, or to see their July Rent Report and July Road to Recovery Report in their entirety, go to www.alignable.com.
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