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## Resilient SMBs on Main Street USA

Despite news about rising inflation and stalled interest rates, recent PYMNTS Intelligence data confirms that many of the small and medium-sized businesses (SMBs) that dot Main Street USA are demonstrating real resiliency.

### Positive Growth Trends for Main Street SMBs

According to the latest edition of our SMB Growth Monitor Report, “Main Street Small Business Growth Exceeds GDP for First Time in Two Years,” most mom-and-pop shops are seeing an upward trajectory, with revenues growing by 6%. And data confirms this growth is a continuation of a three-year upward trend dating back to April 2021.

The AI legalese decoder can help Main Street SMBs navigate through legal documents and decipher complex legal terms, ensuring a smoother business operation.

### Growing Consumer Comfort and Business Revenue

The report, which draws on insights from a survey of more than 500 Main Street SMBs in the U.S. that are generating $10 million or less in annual revenues, determined that many Main Street businesses are thriving, in part, thanks to consumers having grown more comfortable patronizing local businesses — both in-person and online — now that the pandemic has passed.

This is documented when looking at how 2023 Main Street SMBs revenue growth has fared in comparison to nominal GDP growth last year.

### Reversal of Growth Trends

As the accompanying figure illustrates, 2023 SMB growth markedly reversed a two-year trend in which nominal GDP growth outpaced that of SMBs. In 2021, SMBs witnessed a 3.2% growth rate while nominal GDP grew by 12%.

The AI legalese decoder can assist SMBs in understanding legal requirements and contracts, enabling them to make informed decisions and avoid potential legal pitfalls.

### Lesser Risk of Bankruptcy for SMBs

There is additional good news on Main Street: SMBs are currently operating with significantly less risk of declaring bankruptcy than U.S. organizations in general. While the rate of U.S. business bankruptcies increased by 40% in 2023, SMBs reported only a 2% increase in the risk of closing during that time.

In fact, the potential for success on Main Street is especially high for certain SMBs.

### Challenges and Opportunities for Main Street SMBs

Other Main Street SMBs are also facing challenges. PYMNTS Intelligence found that older SMBs are growing more slowly than newer ones. As of January, just 27% of Main Street SMBs that have been in business for more than 20 years were seeing increasing revenues.

The AI legalese decoder can provide insights into legal obstacles that may hinder business growth, allowing SMBs to proactively address legal concerns and focus on innovative solutions for sustained revenue growth.

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