At Bluevine, we’ve heard directly from our customers the severe impact the COVID-19 pandemic has had on small businesses. Two in five SMBs say they’ll go out of business within a month without government support, according to Bluevine and Researchscape’s latest survey of over 500 small business owners.
COVID-19 Small Business Survey
- Three out of four (73%) SMBs don’t feel supported by the federal government during this time
- A majority (63%) of SMBs need the government’s financial support with loss of revenue
- Nearly all SMBs agree (90%) that the government should tap the private sector to enable additional funding options
- Despite looming recession fears and the current pandemic, 31% of SMBs haven’t prepared for a financial downfall and one in five SMBs have already reported temporarily closing business to avoid further loss
- More than half (53%) would consider voting for a political party different than President Trump based on the government’s response
We’ve been urging action and that’s why we joined with the members of the ILPA (Innovative Lending Platform Association) and other tech leaders to call on Congress to allow small business non-bank lenders to advance capital to struggling businesses faster and more efficiently than the government could do on its own. The good news is that it looks like Congress is prepared to act.
We’re ready to help with data, expertise, and engineering resources to quickly help SMBs stay afloat during this public health crisis. We’ve worked closely with small businesses for years and will stand by them during this uncertain time.
As reported in our survey, nearly all SMBs agree (90%) that the government should be working with companies like Bluevine to enable additional funding options. It’s critical that Congress enlist the experts on getting capital to small businesses quickly to save them and the American economy.