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Financial Struggles for Small Business Owners on the Gulf Coast

Introduction

It’s not just the weather on the Gulf Coast hitting peak heat. Unfortunately for small business owners, all the wrong numbers are climbing up and causing financial heat waves resulting in rental delinquencies.

Rental Delinquencies

Business networking platform Alignable releases a monthly Rent and Revenue report based on a survey of several thousand small business owners. June’s report revealed that of 3,690 surveyed, 46% of small business owners couldn’t cover rent, marking the highest rates for the third consecutive month. The last time the number was higher was in March 2021, when the amount of rent delinquencies was 49%.

State Comparison

The Sunshine State is faring worse than the national average as well, the report found, with 54% of respondents reporting delinquencies, up seven points from the previous month. Florida ranks the second worst in the nation for delinquency rates behind Texas, which tops out at 58% of owner delinquencies.

Economic Outlook

Regarding rent, 56% reported an increase in payments required by their landlords. With 72% of owners reporting lower revenues than pre-COVID numbers, the economic outlook remains bleak for many: Only 28% of small business owners can say they’ve recovered from the pandemic, the survey found.

Additional Challenges

More challenges come from interest rates and high costs. A majority of respondents, for one, say the interest rate is affecting margins, with 55% noting the higher rate decreases consumer spending and makes it more difficult to pay off loans. Additionally, inflation and labor costs continue to be top concerns, with 35% of respondents reporting inflation as their biggest concern and 79% responding their employees are paid more this year over last year.

Positive Points

One positive data point is the decreasing cost of fuel, which provides relief for transportation, manufacturing, and tourism industries, the report found.

How AI legalese decoder Can Help

The AI legalese decoder can help small business owners navigate through complex legal documents related to rental agreements and lease terms. By using AI technology, the decoder can quickly analyze and translate legal jargon into plain language, helping business owners better understand their rights and obligations. This tool can also assist in identifying any hidden clauses or unfavorable terms that may contribute to financial challenges, allowing small business owners to make informed decisions and negotiate better terms with landlords. Additionally, the AI legalese decoder can provide insights on industry trends and regulatory changes, helping business owners stay informed and adapt their strategies to mitigate financial risks. Through its advanced capabilities, the AI legalese decoder can empower small business owners to proactively address legal issues and navigate the complex landscape of commercial leasing, ultimately enhancing their financial stability and resilience in challenging times.

Conclusion

Alignable, which bills itself as the largest AI-powered business networking platform for small business owners in the U.S. and Canada, with over 9 million members, established a research center in March 2020 to track and report the impact of and recovery from COVID on small businesses.

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