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88% of Small Business Owners Say Inflation Is Impacting Their Business, According to Bank of America Small Business Owner Report

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Despite Concerns, 64% of Entrepreneurs Anticipate Revenue Growth and Business Expansion

A majority of small business owners report that inflation and supply chain disruptions are impacting their businesses, according to the Bank of America 2022 Small Business Owner Report. The survey of more than 1,000 business owners across the country—now in its 10th year—found that business owners are navigating operational challenges including price increases and loss of customers. Despite these difficulties, business outlook remains strong, with 64% anticipating their revenue will increase in the year ahead.

Conducted in March and April, the survey found:

  • 88% of business owners say inflation is currently impacting their business
  • 76% say supply chain issues are impacting their business
  • 31% are confident the national economy will improve, down from 50% in 2021
  • 39% are confident their local economy will improve, down from 56% in 2021

“Small business owners are betting on their businesses and seeking opportunities for expansion, despite concerns about the economy,” said Sharon Miller, President of Small Business and Head of Specialty Banking and Lending at Bank of America. “While facing a highly challenging environment, entrepreneurs are demonstrating resilience and adaptability as they focus on the operational and strategic decisions that directly impact their customers and employees.”

Economic Concerns and Recovery

Business owners are primarily concerned about key economic factors including inflation (80%), commodities prices (75%) and supply chain disruptions (64%), and this anxiety is dampening their overall outlook. Concerns over commodities prices, international affairs (61%) and interest rates (57%) all rose sharply this spring, while concerns over health care costs (57%) dipped to their lowest levels in the history of the SBOR.

While new challenges loom, entrepreneurs reported a steady recovery from the initial impacts of the pandemic. More than three-in-five business owners (62%) feel their business has fully or partially recovered from the pandemic, and nearly half (48%) cited increased consumer spending over the past year as a key driver in their recovery. Additionally, 70% of business owners plan to seek financing for their business in the year ahead, and 26% plan to hire, the highest percentage since fall 2018.

Inflation, Supply Chain and Labor Impact Operations

Most entrepreneurs say they’ve raised prices to sustain their business due to the impact of inflation and supply chain disruptions:

  • Nearly nine out of 10 (88%) business owners are feeling the impact of inflation, leading them to:  raise prices (68%); reevaluate cash flow and spending (34%); lose sales (31%)
  • Three-quarters (76%) of business owners reported supply chain issues are impacting their business operations, causing them to:  raise prices (58%); face difficulties sourcing products and supplies (49%); delay delivery of goods and services (43%)
  • Owners are also experiencing labor shortages, with 41% reporting impacts to their business, including the need for them to work more hours and difficulty filling open positions.

Interest in Emerging Technologies

Looking to the future, entrepreneurs believe new technologies will be critical to business growth and risk reduction. Business owners believe that cybersecurity platforms (57%), 5G (50%) and automation (39%) will be important for business success in the next decade. Business owners are also preparing to adapt their sales strategies to a digital-first world and, in the decade ahead, 44% plan to prioritize digital sales over brick and mortar.

Meanwhile, 70% of business owners have adopted new digital tools and strategies for their business in the past 12 months, including more business banking online or via mobile apps (52%), and accepting more forms of cashless payments (43%).

A Decade of Change and Commitment

This year marks the 10th anniversary of the SBOR. Over the last decade, business owners have operated in a challenging but rewarding business environment. A majority (72%) feel business ownership has become more difficult over the past decade, largely due to a dynamic and more competitive business landscape. Despite which, nearly half (46%) of entrepreneurs say they have been able to spend more time with their family, and 37% have set aside more personal wellness time, compared to a decade ago. Many entrepreneurs today (46%) are even in business with their spouse or partner, with the vast majority (96%) enjoying running their business together.

For an in-depth look at the insights of the nation’s small business owners, please read the full Bank of America 2022 Small Business Owner Report.

Providing a Business Advantage to Small Business Owners

Bank of America provides advice, solutions, access to capital and dedicated support to meet the unique needs of our 11 million business owner clients. According to the FDIC, Bank of America maintained its position as the nation’s top small business lender at the end of 2021, with $34.8 billion in total outstanding small business loans (defined as business loans in original amounts of $1 million and under).

Bank of America 2022 Small Business Owner Report

Ipsos Public Affairs conducted the Bank of America 2022 Small Business Owner Report survey online between March 22 and May 1, 2022 using a pre-recruited online sample of small business owners. Ipsos contacted a national sample of 1,037 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between two and 99 employees. In addition, approximately 250 small business owners were surveyed in each of ten target markets: Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Miami, New York, San Francisco and Washington, D.C. The final results for the national and designated market area segments were weighted to national benchmark standards for size, revenue and region.

Prior to 2016, previous waves of the Small Business Owner Report survey were conducted by telephone and while best efforts were made to replicate processes, differences in sample, weighting and method suggests caution when making direct statistical comparisons of the results from pre-2016 and post-2016.

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

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Fire Helmet Manufacturer Helps Disabled Community find Employment

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Riverside’s Phenix Technology Leads with Inclusion, Empowering the Disabled Community Through Workforce Training and Employer Education

Written by Logan Rosselli, IEBJ Content Contributor

In the heart of Riverside, off of Chicago Avenue, a small, but mighty team has been quietly manufacturing life-saving equipment for firefighters across the world for over 50 years. Phenix Technology Inc. is an internationally recognized fire helmet manufacturer who builds their products from start to finish right here in the Inland Empire. For their great products, they’ve received numerous awards such as the Greater Riverside Chamber of Commerce’s 2025 Innovator of the Year, a 2016 “E” for Exports award from the U.S. Department of Commerce, a finalist position in the “Coolest Thing Made in California” competition and more. However, their most recent accolade doesn’t involve their products at all.

In 2024, Phenix founded the ground breaking “Opportunity for All” program to provide disabled community members with the opportunity to access career education, hands-on experience and employment opportunities through an 11 week training cohort. In this program, neurodivergent individuals wanting to find stable employment learn about standard hiring practices, writing a resume, effective interviewing and professional attire while getting on-the-job training with a partnered employer in the community. It has helped dozens of disabled community members to find a new sense of independence and achieve their full potential while helping local employers find dependable employees who bring a unique perspective to the workplace.

It’s for this program that the National Association of Workforce Development Boards (NAWB), a representative of over 570 workforce development boards across the United States, honored Phenix with the prestigious W.O. Lawton Business Leadership Award in late March.

“While we take tremendous pride in the products we make, we also believe we have a mission to create a better world through developing opportunities,” said Angel Sanchez, CEO of Phenix Technology in a statement released in early April. “Opportunity for All has helped prove that individuals who have historically been excluded from the workforce don’t just contribute — they elevate organizations. We are honored to receive this national award and grateful to the partners who have helped us make this vision a reality.”

CEO Angel Sanchez Jr. accepts the NAWB Award

CEO Angel Sanchez Jr. accepts the NAWB Award

Though “Opportunity for All” is certainly the cornerstone program for the company, Phenix’s leadership team was not satisfied to leave their mission there. Thus, in 2024, the company founded its nonprofit arm, Phenix Gateway to offer more programs and advocacy to the community. Through Phenix Gateway, the company offers workforce development workshops for individuals who don’t need the full scale of the “Opportunity for All” program, but want to improve a specific skill like resume writing or workplace social skills.

However, Phenix knows that preparing disabled people for the workforce is only one end of the equation; the workforce also has to be prepared to accept the unique skills, perspectives and challenges of the disabled community. For this reason, Phenix Gateway offers employer training workshops as well as educational materials available to businesses and the community. Training programs cover a lot of ground, ranging from assistance with optimizing interviews for people with neurodevelopmental disorders to creating sensory-friendly environments in the workplace.

In Riverside, these programs have had a huge impact on the local community. As of March 2025, Phenix’s Opportunity for All program has had over two dozen participants and 44% found stable employment through or after the program. Their one-off workforce development workshops have seen over 200 participants learn new skills and help them find employment and the nonprofit currently partners with close to 90 businesses to assist them in their endeavor to create a more inclusive workforce.

Phenix Gateway staff helps a program participant with his skills

For businesses or community members interested in learning how they can support or participate in these programs, Phenix encourages them to reach out by email to info@phenixgateway.org and to attend their First Annual Gala: Rising Together, A Phenix Gateway Celebration, on Thursday, May 15th. Tickets for this event are available at phenixgateway.org.

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Supported by Local Leaders, CALED’s Annual Conference will be in Ontario this May

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Empowering Economic Growth: CALED Conference Set to Unite Industry Leaders in Ontario

CALED’s ‘Growing Local Economies from the Ground Up’ Conference is being held in Ontario at the DoubleTree by Hilton Hotel Ontario Airport on May 7-9. This event is co-hosted by the City of Ontario and San Bernardino County, with Jennifer McLain Hiramoto, CALED’s Chair of the Board and Derek Armstrong respectively representing their city and county as Co-Chairs of the event.

With over 950 members and 45 years of empowering economic developers, CALED is the largest economic development association in the country and the annual conference is the number one place to meet and connect with the boots-on-the -ground, decision makers in our communities. 

The conference will include a pre-conference teaching tour, ‘Building & Paying for Development Projects’ on May 6th and then begin in full on May 7th, with a welcome session and breakouts. Overall, there will be four general assembly sessions and 18 breakout sessions, which will delve into local economic development practices and innovative tools.

In addition to compelling content, the conference will have numerous opportunities to connect with community leaders and valued peers through networking receptions, the culinary crawl, and new this year, the Tournament of Champions, where conference attendees will navigate a gauntlet of games to win the grand prize on the evening of Thursday, May 8th.

To learn more about the conference and register, visit the CALED website at www.caled.org.

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Strengthening Community Connections: Our Exciting New Partnership with Toyota Arena, Ontario Convention Center, and GOCAL

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Contributed Content | By Chris Venhoff, Senior Vice President and Inland Empire Market Leader for Consumer and Business Banking at U.S. Bank

As the Inland Empire market leader for U.S. Bank, I’m thrilled to share some exciting news: we are proud to be the Official Bank Partner of Toyota Arena and Ontario Convention Center. This partnership represents a reflection of our deep commitment to the Inland Empire and our dedication to fostering a vibrant, thriving community.

At U.S. Bank, we believe that strong partnerships drive meaningful progress. Toyota Arena and Ontario Convention Center are at the heart of the region’s culture and economy, bringing people together for world-class entertainment, business conventions, and community events. By joining forces, we’re not only expanding our presence but also creating opportunities to engage with residents, businesses, and organizations in ways that make a lasting impact.

Through our sponsorship, we’ll support concerts, sporting events, and conventions that showcase the diversity and energy of the Inland Empire. But this is only the beginning. As our partnership evolves, we’ll work closely with Toyota Arena, Ontario Convention Center, and GOCAL to introduce community-focused programs, including financial literacy workshops and charitable giving initiatives.

This partnership is designed to bring added value to the people we serve. For our customers, we’re introducing the U.S. Bank Fast Pass Lanes, providing priority access at Toyota Arena events. Special offers, exclusive event experiences, and tailored financial solutions for businesses operating in the region are just a few of the many perks we’re excited to roll out.

Our employees are at the core of our success, and this partnership allows us to recognize their dedication. Through exclusive access to events, corporate hospitality opportunities, and community volunteer programs, our team will have new ways to engage with and celebrate the community they serve.

The Inland Empire is a dynamic, fast-growing region, and we’re committed to supporting its continued success. By investing in Toyota Arena and Ontario Convention Center, we’re helping to create and sustain jobs while driving local business growth. These venues bring in visitors, revenue, and visibility, strengthening the region’s economy.

This collaboration is about more than just sponsorship—it’s about making a difference. By working together, we can elevate not just these venues but the entire Inland Empire. At U.S. Bank, we’re committed to being a partner in progress, supporting our customers, businesses, and communities every step of the way.

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