Small Biz Speaks

Issue 8.09

March 4, 2022

FED CREDIT SURVEY FINDS SMALL BUSINESSES EXPERIENCING AN UNEVEN RECOVERY

85% HAVE FACED FINANCIAL CHALLENGES IN 2021

Last week, the 12 Federal Reserve Banks issued the Small Business Credit Survey: 2022 Report on Employer Firms. The report found many small businesses have not recovered to pre-pandemic levels, with the effects of the pandemic hitting disproportionately hard among firms in the leisure and hospitality sector, smaller firms, and firms owned by people of color. Download the report >

Among the key findings:

77%

of surveyed firms reported negative effects of the pandemic

59%

of firms reported being in fair or poor financial condition, a figure little-changed since the 2020 survey

66%

of employer firms received pandemic-related financial assistance, down from 87% in 2020

Hiring or retaining qualified staff and navigating supply-chain issues are the top operational challenges that firms faced.

2022 ECONOMIC OUTLOOK

WEBINAR | WEDNESDAY, APRIL 6

Patrick Harker, president & chief executive officer of the Federal Reserve Bank of Philadelphia, will join the State Chamber for an annual regional outlook presentation with a focus on Delaware’s economy. Learn what the Fed is seeing in terms of inflation, the pandemic's residual impacts on key Delaware industries, and a forecast for the remainder of 2022. Register >

Legislative Priority

A LEGISLATIVE RECAP AS THE

GENERAL ASSEMBLY GAVELS IN

There has been a flurry of activity in the state capitol over the last few months, including the beginning of legislative session and the Governor’s State of the State and budget proposal, and Joint Finance Committee budget hearings. Here is a recap as the General Assembly returns to session on March 8 >

President's Message

If you build it, they will come. Last year the General Assembly passed SB127, which created the Site Readiness Fund—a $10 million investment by Governor John Carney. The Fund's goal is to accelerate site readiness and attract companies by making sites "shovel-ready", meaning water, electric, and other utilities are brought near the site to accelerate the development process. Read more >

NONPROFIT SPOTLIGHT

DOWN SYNDROME ASSOCIATION OF DELAWARE

In one in every 691 births, a child is born with an additional copy of the 21st chromosome. Down syndrome, one of the most well-known and easily identifiable chromosomal variations, affects individuals in a wide variety of ways. All people born with Down syndrome display some cognitive delays, but the effects are not representative of the individual’s unique talents, strengths, and personality traits. Organizations like the Down Syndrome Association of Delaware (DSA of Delaware) provide support and programming to allow these individuals and their families to thrive by reaching their full potential. Read more >

DSCC LAUNCHES

NEW POLICY COMMITTEE

TECHNOLOGY COMMITTEE

If the COVID-19 pandemic has taught us anything, it’s that we’re more dependent on technology now than likely ever before. Technology is used from the manufacturing floor to financial services, health care, retail, and everywhere in between. And according to the IT Delaware Industry Council, one in 29 jobs in Delaware is in infrastructure technology. Employers need employees with tech backgrounds and data analytic capabilities.

For all these reasons, the State Chamber is standing up a new Technology Committee, which met for the first time last week. Policymakers face decisions about data and technology every session. The speed of change in the IT world will only accelerate and bring more calls for standardized rules. Our goal is to assemble a committee that will address those calls and help inform policy decisions. To learn more and get involved, contact Tyler Micik >