RI Ranks Poorly for "Pandemic-Proof" Small Businesses

A new report finds that the composition of Rhode Island’s small businesses made it one of the most vulnerable to the fiscal devastation of the ongoing pandemic.

According to WalletHub, Rhode Island ranks as the 6th most vulnerable state out of the 50 states and the District of Columbia.

Rhode Island is also ranked the worst for New England.

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Many of Rhode Island's small businesses are tied to the hospitality and tourism industries -- two industries devastated by the coronavirus. Nearly 60,000 work in the hospitality industry in RI. And, more than 50,000 are employed by the retail sector here, according to data from the RI Department of Labor and Training before the pandemic. 

“Coronavirus dealt a heavy blow to small businesses in the U.S., as countless businesses were forced by state governments to shut their doors for months on end or have heavy capacity restrictions. Though states are gradually reopening and loosening restrictions, around 100,000 businesses shut their doors permanently in 2020. Businesses in some states have been more resilient than others, though,” said the report.

In order to find out where small businesses have the greatest potential to bounce back after the COVID-19 pandemic, WalletHub compared the 50 states and the District of Columbia across 11 key metrics. Our data set ranges from the share of small businesses operating in high-risk industries to small-business credit conditions and the state’s small-business friendliness. READ MORE HERE

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