2025 Massachusetts Small Business Survey Shows Growing Diversity, Strong Growth Ambitions and Critical Information Gaps
View Topline Results (PDF)
Download Crosstabs (Excel)
View Slide Presentation (PDF)
The Coalition for an Equitable Economy (CEE) today released the fourth wave of its statewide Small Business Survey, conducted by The MassINC Polling Group, revealing a more diverse entrepreneurial landscape across Massachusetts, strong interest in growth and innovation, and persistent information barriers limiting many businesses’ ability to fully realize their potential.
The survey is based on responses from 1,049 small business leaders with fewer than 500 employees across the Commonwealth and was fielded September 5 through October 13, 2025. The survey was offered in English, Spanish, Portuguese, Simplified Chinese, Vietnamese, and Haitian Creole and weighted to reflect statewide demographics using U.S. Census and Small Business Administration data. This fourth wave follows prior surveys conducted in 2020, 2022, and 2024.
The Coalition for an Equitable Economy 2025 survey was conducted by The MassINC Polling Group and sponsored by MassDevelopment and Eastern Bank, with distribution support from a broad network of business and community organizations statewide.
Despite sustained economic turbulence since 2020, Massachusetts entrepreneurs continue to start new businesses, pursue growth, and contribute to the state’s economic resilience. Businesses launched since the pandemic now represent a growing share of the small business economy and are disproportionately owned by Black, Latino, women, and immigrant entrepreneurs. Many are actively seeking capital, new customers, and tools, including artificial intelligence, to increase revenue and efficiency.
However, the survey finds that lack of access to clear, trusted information remains a major barrier.
About half (51%) of respondents were unfamiliar with the benefits of Minority Women Business Enterprise (MWBE)and Disadvantaged Business Enterprise (DBE) certification, even among those who may be eligible. Only 8% reported being “very familiar” with clean energy sector opportunities, despite major public investments underway. The most common reasons businesses cited for not accessing technical assistance was not knowing that services exist or not knowing any providers.
Capital Access and Growth Priorities Remain Central
Capital access continues to be one of the most pressing challenges facing entrepreneurs of color. In this survey wave, 68% of Black business owners and 70% of Latino business owners identified getting capital as a high priority, compared to 32% of white-owned businesses. Businesses started since 2020 were significantly more likely to call getting capital a high priority (48%) than those founded before 2000 (26%).
Black and Latino business owners also identified broader near-term priorities, including improving marketing, strengthening online presence, hiring additional staff, and raising wages. Latino-owned businesses were especially focused on workforce growth and compensation.
“Supporting our small business owners is supporting our state’s future,” said Tracye Whitfield, Executive Director of the Coalition for an Equitable Economy. “They are the epicenter of Massachusetts’ economic growth. Yet, too many, especially in underserved and under-resourced communities, lack consistent access to the information, capital, and opportunities needed to scale and sustain their businesses. Building a strong, connected statewide ecosystem of business support organizations and capital providers is critical to closing these gaps and moving small businesses to the next level of success. This work is essential to ensuring long-term, equitable economic growth across the Commonwealth.”
Entrepreneurs of Color Lead on AI Adoption
The survey also examined the use of artificial intelligence tools such as ChatGPT and Google Gemini. Black, Latino, and Asian American and Pacific Islander (AAPI) business owners reported higher rates of regular AI use than white-owned businesses, most commonly for marketing materials and internal documents. While national conversations often focus on AI as a threat, only 6% of Massachusetts small business owners agreed that AI poses a risk to their business, while 60% view it as an opportunity, with Black and Latino entrepreneurs most likely to hold that view.
Clean Energy and Contracting Opportunities Largely Untapped
As Massachusetts accelerates its clean energy transition, the survey finds that most small businesses remain unfamiliar with available contracting and supply-chain opportunities. Lack of information and access were cited as primary barriers to participation.
Similarly, most potentially eligible businesses have not pursued MWBE & DBE certification. Only 30% of respondents were aware of preferential treatment for certified businesses in state contracting. Not knowing how to apply, lack of awareness, and a lack of clarity around benefits were common reasons for not pursuing certification.
Policy and Economic Context
The survey also captured business owners’ views on federal policy. Respondents expressed broad concern about the impacts of recent tariff and immigration actions, citing price increases, supply chain disruptions, lost sales, and labor challenges. Just 5% viewed tariff policies positively, and 4% reported positive expectations from immigration actions.
“This survey shows incredible potential energy within the state’s small business community,” said Steve Koczela, President of The MassINC Polling Group. “Across the findings, the data point clearly to the need to better connect entrepreneurs to the information, capital, and assistance they need to succeed.”
About the Coalition for an Equitable Economy
The Coalition for an Equitable Economy (CEE) is a Massachusetts-based nonprofit organization working to strengthen the small business ecosystem by advancing equitable access to capital, technical assistance, and policy solutions that support long-term economic mobility for historically under-resourced entrepreneurs. Learn more www.maequitableeconomy.org
About The MassINC Polling Group
The MassINC Polling Group (MPG) is a nonpartisan public opinion research firm serving public, private, and social-sector clients. MPG elevates the public’s voice through rigorous analysis and innovative research methods. Based in Boston, MPG serves a nationwide client base. Learn more at massincpolling.com.
Funding Support
The Small Business Survey was funded by MassDevelopment and participant incentives were supported by Eastern Bank Foundation. Additional contributions for clean energy–specific data collection were provided by We Are ALX and BECMA.