Tuesday, November 07, 2017

Access to capital is chief concern for small business owners, according to new poll

Access to capital is chief concern for small business owners, according to new poll.

(May 3, 2017) -- A poll conducted by the Federal Reserve Bank of Dallas in partnership with the Small Business Development Centers of Texas, including the UTSA South-West Texas Border SBDC Network, found that for the first time, access to capital is the greatest challenge facing small-business owners in Texas.

While still a critical issue, finding talent fell to second place, garnering 20.4 percent of responses.

According to the data collected, 1,174 master's degrees awarded at UTSA in 2015 and 432 (37 percent) were awarded to Hispanic students.

Sales and marketing was once again the most sought-after skill for potential employees, followed by interpersonal skills.

This third annual Small Business Assessment Poll was conducted during the last three months of 2016 and included responses from 1,358 small business owners from 101 counties across Texas.

Overall, 20.7 percent of respondents cited access to capital as their top concern. The data collected by the poll shows capital concerns were even more acute among minority- and women-owned business enterprises (MWBEs), with 24 percent of MWBEs noting access to capital as the most important problem affecting their ability to grow their business compared with just 15 percent of non-MWBEs.

The assessment poll will help Texas Small Business Development Centers shape their services and strategically plan to proactively meet the changing needs of the small business industry. Results from the poll will also help small business owners understand the dynamics and needs of other small business owners in Texas.

The UTSA Institute for Economic Development serves as the host for the South-West Texas Border SBDC Network, one of four SBDC networks in Texas. SBDCs in Texas were selected as the premier partner to roll out the assessment poll due to their vast reach in Texas, with more than 44 field locations, outreach activity and additional specialty offerings. In addition, the centers maintain active relationships with numerous chambers of commerce and other economic development leaders throughout Texas.

UTSA is ranked among the top 400 universities in the world and among the top 100 in the nation, according to Times Higher Education.

- Jennilee Garza

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Learn more about the Texas Small Business Needs Assessment Poll results.

Learn more about the UTSA Institute for Economic Development.

Learn more about the UTSA South-West Texas Border (SWTXB) SBDC Network.

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