We've just completed research here at MerchantCircle in partnership with Professor Samuel D. Bornstein of Kean University School of Business and Jung I. Song, CPA of Bornstein & Song, CPAs & Consultants. The survey had some startling results that we hope to use to influence legislation that will immediately help small business owners in and around California.
Our study shows that a 2nd Wave of Foreclosures in California will dwarf the subprime crisis and threatens more that 2.1 million jobs from business owners who refinanced their homes to pay for business expenses. You can read our study results and summary here. Our survey and answers from small business owners are below.
As first steps towards getting coverage on the ongoing crisis to help out small business owners, BusinessWeek (click here to read) and KXTV News 10 in Sacramento (click here to see the story) have already used our findings in their stories.
It’s a particularly troubling issue for small business owners that will further extend the economic difficulties in California. We hope to influence California Assembly Speaker Karen Bass and Assembly Member Manuel Perez, who will lead a new Assembly task force charged with maximizing the impact of federal economic stimulus dollars: (SERJ) Stimulus, Economic Recovery, and Jobs Task Force.