WASHINGTON, DC — Small businesses are struggling right now.
All this is due to the uncertainty in the economy.
Channel 2’s Blair Miller is in Washington, D.C., talking to business owners about how this will affect customers.
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We’ve seen high-profile retailers file for bankruptcy, but not just big businesses.
Last week, at least Since the 2008 recession hit the US, many companies have filed for bankruptcy within 48 hours.
Brent Garrett has spent most of his adult life running small businesses.
Struggling with rising interest rates, he is seeing many other business owners forced to give up.
It is now leading many to struggle for profit.
“They have a hard time staying in business. I’m seeing it on a personal level with my friends who have small businesses,” Garrett said.
Rising interest rates are making it difficult for troubled companies to get new loans.
Lawmakers on Capitol Hill heard complaints from small business owners, including a man who once owned four restaurants in Georgia.
Matt Livingston said: “We have had to close all three for various reasons – the first being the labor industry, or should I say the lack of it.”
And as many small businesses close, many customers feel deprived of something that could be on the street.
“Many small businesses only have one employee. They really own a business, not a business,” Garrett said.
Analysts told Miller it could get worse.
For small businesses, expect the pain to peak in a few months.
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