CINCINNATI — The last several years have not been easy on small businesses. A pandemic, supply shortages, inflation and more have caused many to close their doors.

But the U.S. Chamber of Commerce is tracking a surge in new business applications. So what’s it really like to be a small business owner right now? 

What You Need To Know

• 75% of small business owners say they are optimistic for 2024


• But small business owners have dealt with a lot between a pandemic, inflation, and rising interest rates


• Local business owners say gaining access to capital is one of their biggest hurdles 


• But they know failing is not an option to serve themselves, their employees and community 

Inside The Cheesecakery, you’ll find lots of sweet treats and owner Liz Field whipping up some lattes. But it’s not all cupcakes and rainbows as a small business owner.

Liz Field makes a latte at The Cheesecakery's coffee bar. (Spectrum News 1/Katie Kapusta)

“Being a small business owner right now is really difficult," Field said. "Especially the last few months, rising interest rates, access to capital.”

In fact, Field said the increased interest rates and inflation have put her behind two years on her business plan, with no other choice than increasing wages and prices.

“It’s halted my growth," she said. "I was hoping to have at least two more storefronts open by now.”

Field said an increase in interest rates on her SBA loan for her property has made those expansion plans evaporate.

“I started at 5.5% interest, and now it went up to 10.75%," she explained. "My payment started at $2400 and now they’re $4,100, so it’s pretty much doubled.”

Field shows her SBA loan's current statement and how much interest has risen. (Spectrum News 1/Katie Kapusta)

Across the country, small business owners are feeling the pinch. According to Goldman Sachs' recent 10,000 small businesses voices survey, 33% of small business owners said 2023 was the most difficult year, while 35% said 2020. Yet, 75% of small business owners remain optimistic about their financial trajectory this year.

At Journey Steel, they’re optimistic about 2024, but they face similar hurdles.

The construction business, like Journey Steel, has had its own hurdles over the last few years. (Spectrum News 1/Katie Kapusta)

“Access to capital," said Barb Smith, the president and majority owner of Journey Steel. "Especially being a minority woman-owned business and construction, you know banks don’t look favorably on construction businesses as it is.”

Smith, the only female black owner of a steel company in the U.S., said it’s been a challenge to get to where she is, and she won’t let today’s market deter her.

“It takes that entrepreneurial mindset to say I need to be the change, and if I’m going to be the change, I need a seat at the table," Smith said. "And if I can’t get a seat at the table, I’m going to make a table to sit at.”

Barb Smith, the majority owner and president of Journey Steel, has created solutions for problems her business has faced. (Spectrum News 1/Katie Kapusta)

And in the construction industry, finding quality workers has also been an issue for Smith. That’s why she’s created Journey’s Soaring Impact, a program for inner city high school students to work their way up. It's another reason Smith knows she can’t let the hardships get the best of her company.

“To be able to know that we’re making a difference, it makes you smile, and that’s why we’re resilient, that’s why failure is not an option," Smith said. "These families are counting on Journey to be around to continue to make a difference and we care about them.”

Field agrees, because she knows she can't fail.

“I think that that’s a small business mindset," Field said. "You’re just optimistic. You just got to keep going and moving forward.”