COVID-19 has forced entrepreneurs and business owners to drastic steps to stay afloat. Many merchants became fearful about what future their businesses might have. That’s where a reliable business loan steps in to help you overcome your financial challenges. Let’s discuss the topic further and discover a respected provider of a business loan.
COVID Affecting Business Owners
Business owners deal with inventory issues, customers, make growth plans, and manage cash flow. Now, COVID-19 has brought a devastating effect on the economy, and businesses are struggling to survive. They’re faced with the new dominant issue of inflation.
According to the latest Small Business Index report, more than seven out of 10 small business owners state that the rising costs of goods and services have brought an impact on their operations during the last 12 months. The information is based on the quarterly analysis conducted during the period from Oct. 13 to Oct. 27 among 750 small business operators in the U.S.
The Bank of America 2021 Small Business Owner Report reveals that U.S. small business owners are already in the recovery period after an unprecedented year of COVID-related challenges.
Merchants Taking a Business Loan
Based on the Bank of America Report, in 2021, 55% of business owners encountered difficulties while trying to stay afloat. The challenges made many business owners change some of their operations during 2020. Moreover, 62% of them expect these changes to never disappear.
According to another survey of 1,000 small-business owners by Wakefield Research in 2021, more than one in three small-and-medium-sized (SMBs) businesses owners have projected to apply for loans in the year ahead.
Small businesses are the backbone of the U.S. economy and local communities. Now, when many small businesses are in the recovery phase, there is a need for reliable and cheap business funding solutions from reputable providers like First American Merchant.
With FAM, you can be sure to get the fastest access to the capital, including a business loan, so you can grow your business with ease. FAM offers cutting-edge merchant services at the cheapest possible rates in the industry and is a BBB-accredited alternative online lender in the high-risk field. FAM is popular for its merchant cash advance.
Small Business Owners Taking Loans After COVID
COVID has changed the way business owners used to think about taking loans. To recover from COVID-19, many merchants are applying for business financing. If you’re one of them, make sure to work with a reputable provider that offers the cheapest possible rates in the space.