53% Of SMBs In Transportation Can’t Pay February Rent – ValueWalk

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Alignable’s February Small Enterprise Lease Report is out as we speak, displaying hire delinquency issues are rising once more, as practically one-third (32%) of small companies couldn’t pay their hire in full and on time in February.

Small Enterprise In Transportation Sector Couldn’t Pay February Lease

The state of affairs is very difficult for a number of industries, with transportation (automotive and limo companies, taxis, and trucking corporations) topping that record. In February, 53% of SMBs within the transportation sector couldn’t pay their hire, up 16 share factors from January.

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Building companies at the moment are at a hire delinquency price of 43% (up 13% over final month), eating places are at 40% (up 2%), and the automotive trade is at 39% (up 23% over Jan.).

Some states are additionally experiencing heightened hire delinquency. Michigan leads the way in which with a price of 44% (up 5%). Georgia is subsequent at 40% (up 2%), and New York is at 37% (up 2%), whereas NJ (34%), TX (33%) and AZ (27%) additionally noticed jumps in small enterprise hire issues.

These newest developments are fueled by hire spikes, the shortage of automobiles & automotive components, rising rates of interest, a bounce in U.S. inflation, and income considerations.

Some 31% of SMBs have just one month or much less of money reserves, up 5 share factors from January. And amongst pre-COVID companies, solely 33% are attaining the identical month-to-month revenues they generated previous to the pandemic, down 5 share factors from 38% final month.

These findings are based mostly on responses from 3,875 randomly chosen small enterprise house owners polled from 2/4/23 to 2/27/23, together with previous analysis surveying 70,000+ different small enterprise house owners over the previous 14 months.

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