SALT LAKE CITY — Small business owners continue to face challenges caused by inflation and those challenges may play a role in the upcoming election.
According to a survey conducted by Goldman Sachs, 10,000 Small Businesses Voices program, 20% of small business owners are undecided about who they’ll support in the upcoming election.
79% listed the economy as an extremely or somewhat important factor in making their decision.
One Utah small business owner who participated in the survey is experiencing the pressures caused by inflation.
JulieAnn Caramels has been producing delectable sweet treats for more than a decade in Salt Lake County.
Recently, rent for the candy maker doubled, causing the production facility to move to a new location. Costs related to permits, more expensive ingredients and many other factors also impact the company’s bottom line.
“Who makes that sacrifice,” said Rowena Montoya, the owner of JulieAnn Caramels. “The business owner. They go a year without a paycheck. That’s just what it is. I've had to make that sacrifice and cut wherever I can.”
Rowena is not alone.
“At some point, something has to give,” said Janetta King, a vice president of Goldman Sachs 10,000 Small Businesses Voices program. “If we want our small business owners to be part of a vibrant future economy, we are going to have to make sure they have the support they need from policy makers.”
King isn’t surprised by the findings of the recent survey.
“Small business owners are facing a lot of barriers on many different fronts and as a small business owner, it's hard to absorb those types of things,” she said.
Montoya is ready to get the new factory up and running so she can continue to deliver her unique brand of candy.
“I always say I am a C.M.,” she said. “I am not a chocolatier, but I am a caramel master.”
The recent challenges caused by the economy are making her a master at making ends meet and she’s committed to finding solutions to those challenges.
“I am not looking for a handout. I just want to work and so do my people,” she said. “Look at me, mother of five, hairdresser by trade, candy maker now. We can be anything.”
Like many others, she’ll be looking at the state of the economy and small business policy when making her decisions at the ballot box.
“I am very proud of what we have done and created,” she said. “We have worked hard.”
