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60 Percent of Arkansas Small Businesses in Danger of Closing

Arkansas Historic Preservation Program - Wednesday, April 22, 2020

 

In April 2020, Main Street America released The Impact of COVID-19 on Small Businesses: Findings from Main Street America’s Small Business Survey. Main Street Arkansas has been able to analyze the data and the impact of COVID-19 on Arkansas small businesses. This data comes directly from over 200 Arkansas small business owners across 11counties, and the results are sobering.

Of the 213 Arkansas small businesses surveyed, more than 60 percent indicated their businesses are at risk of closing permanently in the next five months. More than half of Arkansas respondents have seen revenue decreases exceeding 75 percent within the first month of the crisis. Ninety-two percent of small business respondents have 20 or fewer employees.

The survey also revealed a critical gap in technical assistance and stimulus funds to address revenue disruption of our state’s smallest businesses. The survey reveals concerns of stimulus dollars reaching small businesses, and there remains a critical need in Arkansas to address this gap in order to stabilize local economies during the crisis and expedite their recovery once the pandemic subsides.

Main Street America’s national report calls on Congress to fund the U.S. Small Business Administration and partner with Main Street organizations and Chambers of Commerce around the country to expand technical assistance to small businesses.

To view the summarized results of the Arkansas data, see the below graphic called The Impacts of COVID-19 on Arkansas Small Businesses. To view the data in detail, view the interactive map by Main Street America to see state and city-specific results.


 



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