Small-Business Owners Face Recovery Challenges

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Curated by Paul Helmick

I’m a Technology CEO and Experienced Entrepreneur. I love helping people use technology to grow their business. 

  • As the global health crisis continues its spread across the U.S., millions are newly unemployed, businesses are shuttering for the foreseeable future and uncertainty is high
  • Hit particularly hard by this crisis are small-business owners, many of whom are far short of the cash they’d need to weather the storm
  • 71 percent of small business owners are worried their businesses will never recoup the losses from this crisis and/or have their revenue / employment levels return to where they were
  • Nearly half (47 percent) of business owners have taken on new debt to keep things moving, and another 34 percent have applied but not been approved for loans
  • Entrepreneur Magazine has several resources on their site to help small businesses navigate the loan programs.

Although loans from the federal government are available to help small-business owners stay afloat, a survey from online loan platform Lending Tree found that people aren’t confident these measures will help them in the long term. In a survey of 1,200 business owners, nearly half have shut down temporarily, and 71 percent are worried their businesses will never recoup the losses from this crisis.

Nearly half (47 percent) of business owners have taken on new debt to keep things moving, and another 34 percent have applied but not been approved for loans.The infographic below offers more information from the survey.

If you’re one of the eight in 10 business owners who has “no idea” where to get emergency funding, Entrepreneur’s stimulus coverage is here to help.

 

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Small-Business Owners Face Recovery Challenges

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