SMALL BUSINESS Outlook for Small Business Will Depend on Each Sector

“The outlook for Central New York small businesses this year will likely vary depending on the industry, but overall, there continue to be headwinds,” said Bernard J. Paprocki, director of the U.S. Small Business Administration Upstate New York District. “Many restaurants, for example, are still struggling. National trends like labor shortages, supply chain disruptions and inflation aren’t going away any time soon.”

Then on the local level, factors like changing weather patterns greatly impact the economy.

“Any business dependent on snow— from snow removal to tourism and winter sports — is experiencing those effects right now,” he added. Access to capital is the lifeblood of

“In total last year, SBA approved more than $200 million in traditional loans to Upstate New York small businesses and we aim to continue reaching more entrepreneurs with small dollar loans to help build a more resilient local economy.”