EAGLEVILLE, Tenn. (WTVF) — New Bank of America data shows small business profitability is at a two-year low, and shop owners in Rutherford County are feeling the pressure.
Small business profitability fell 1.3% in April, the weakest reading in two years, according to Bank of America data.
On South Main Street in Eagleville, Jeanna and Michael Loyd opened Eagleville Mercantile and Restoration in 2020, converting an old florist shop into vendor space.
"He had 30 something offers to try and renovate the building, so I called him and I said, 'Would you entertain 31?' and he said, 'Is it you?' I said 'Absolutely,'" Michael said.
The shop grew into a community of vendors who became family.
"We've made so many great friends just because we own this," Jeanna said.
But the first quarter of this year brought their toughest stretch yet. The shop lost three vendors and revenue dropped.
"The first quarter of this year was the worst quarter we have had since we opened," Jeanna said.
The Loyds said broader economic pressures are a factor.
"Right now you got things like gas prices and there's other things going on in the world that affect it too," Jeanna said.
The shop also took in several vendors after Painted Tree closed abruptly, giving those small businesses a place to continue selling their products.
Despite the challenges, the Loyds maintain a positive outlook and encourage shoppers to support local businesses, saying the money goes back to Tennessee families.
Jeanna and Michael know money is tight for many families.
"It's like, of course I'm going to pay for gas before I pay a little extra for something else," Jeanna said.
You can find more information on the shop here.
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