Business

Florida Chamber: Fiscal Cliff Looms over Small-Business Hiring in Florida

By: Jim Turner | Posted: October 23, 2012 3:55 AM

Financing is becoming more difficult to obtain for small-business owners in the Sunshine State, with the majority also concerned that regulations and taxes will continue to negatively impact their bottom line, according to a survey by the Florida Chamber of Commerce.
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The chamber also noted in its quarterly Small Business Index Survey that 31 percent of the businesses contacted plan to bring on new employees in the next six months, but those plans will be tossed if Congress fails to keep the nation from going over the fiscal cliff by the end of the year.

“While economic uncertainty and access to much-needed capital remain priority concerns among small businesses, a larger concern is looming as more small businesses feel they are worse off today than six months ago and many may halt their future hiring plans if Congress doesn’t prevent the federal government from going over the fiscal cliff,” Mark Wilson, president and CEO of the Florida Chamber of Commerce, stated in a release.

Better Off:

Twenty-eight percent believe their business is better off than six months ago -- down 9 percent from last quarter,

Worse Off:

Thirty-five percent believe their business is worse off today than six months ago -- up 10 percent from June, 2012,

Hiring:

 Thirty-one percent of employers plan to hire employees during the next six months -- unchanged from June, 2012,

 Thirty-nine percent identified economic uncertainty as an obstacle preventing them from hiring new employees, while 35 percent say it is a lack of sales keeping them from hiring,

• Economic Uncertainty -- Access to Capital: Of respondents needing financing during the last six months:

Twenty-two percent were able to obtain it -- down from 27 percent in June,

 Seventy-eight percent were not able to get the needed financing -- up 5 percent from June,

 Fifty-four percent believe it will be harder to obtain over the next six months, compared to just 12 percent who believe it will be easier.

• Economic Uncertainty -- Regulations:

Sixty-six percent are worried or very worried that regulations, restrictions and taxes will negatively impact their ability to do business, compared to 30 percent who are not very worried or not worried at all,



Reach Jim Turner at jturner@sunshinestatenews.com or at (772) 215-9889.

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