Many smaller businesses are still struggling to make their monthly rent payments, according to the July Rent Report published by Alignable.
In a nationwide poll of 5,911 small business owners, 35% of respondents said they could not pay their July rent in full or on time ”“ a slightly lower figure than the 37% from the June report.
Among the states, New York had the second highest percentage of small businesses unable to pay full rent at 41%, tied with Massachusetts and only exceeded by Georgia at 46%; 34% of Connecticut small business owners said they could not make full rent payments this month.
Among the demographics, 52% of minority-owned small businesses still could not afford their rent in July, compared to 37% of women-owned businesses and 23% of veteran-owned businesses.
The nonprofit sector had the most problems with July rent payments, with 64% reporting their financial problems. Other sectors experiencing problems included arts and entertainment (50%), transportation (48%), event planning (43%) and restaurants (40%).
