Covid Updates For Small Business
Nearly 66,000 businesses have folded since March 1, according to data from Yelp, which provides a platform for local businesses to advertise their services and has been tracking announcements of closings posted on its site. From June 15 to June 29, the most recent period for which data is available, businesses were closing permanently at a higher rate than in the previous three months, Yelp found. During the same period, permanent closures increased by 3 percent overall, accounting for roughly 14 percent of total closures since March.
Researchers at Harvard believe the rates of business closures are likely to be even higher. They estimated that nearly 110,000 small businesses across the country had decided to shut down permanently between early March and early May, based on data collected in weekly surveys by Alignable, a social media network for small-business owners.
The silver lining in this pandemic for small business that decide to stay in business are that lending institutions such as Premier Business Lending have opened up underwriting guidelines. This is important in order for businesses to obtain an approval for their company. Rates are teetering a bit in the commercial finance sector due to overall economic nervousness of banks wanting to see how the pandemic continues to affect the Country. Premier Business Lending has seen a hike in customers borrowing habits over the last 60 days. With our Small Business Loans, we’re able to provide financing for your company. Equipment financing in industries such as Transportation, Construction and Manufacturing has increased by 15% while applications received from the equipment vending partners has increased by 13%.
Small Business need help during this period of time and fortunately we can help.