hen the Covid-19 pandemic brought the economy to a standstill, more than 30 million small businesses across the U.S. were cast into financial freefall. But from the downturn, marked by the highest unemployment rate since the Great Depression and a staggering 22 million jobs lost, emerged a surge in entrepreneurship—one that’s continued into 2021.
“Entrepreneurship numbers have surged during the pandemic as Americans started new businesses at historic rates, yet we have to look at the why,” says Philip Gaskin, vice president of entrepreneurship at the Kauffman Foundation. “While the rate of new entrepreneurs is the highest it’s been in the last 25 years, in the midst of widespread unemployment, many people are startingNot all small business owners have felt the effect of the pandemic equally.
And while new business applications haven’t seen a surge this strong in over two decades, a record secondary market for purchasing existing businesses has also emerged, mimicking the white-hot real estate market with very limited inventory and greatest concentration of businesses being sold in Florida, California, New York and Texas.
released in February, firms with lower credit scores turned to online lenders at a higher rate than did their counterparts with higher credit scores .According to a recent Fed Credit Survey for small businesses, firms with lower credit scores turned to online lenders at a higher rate than did their counterparts with higher credit scores .
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