Almost a Quarter of Small Business Say They Were Hit Hard by Pandemic

A worrying 21.6% of small businesses have confirmed that they continue to feel a profound, negative effect from the aftermath of the Covid-19 pandemic. However, a new finding by the financial information website, Safetradebinaryoptions.com gives some cause for optimism, with its experts explaining how the Bank of America Small Business Funding program is a useful source of relief for those impacted.

Announced last month the Small Business Funding program will deliver vital financial support to small businesses in located the US government deems to have a low level of access to capital funding. The initial roll out will see businesses in Atlanta, Chicago, Charlotte, Dallas, and Los Angeles eligible for Funding, with new locations promised for next year.

Safe Trade Binbary Options author, Saqib Iqbal said, “It’s no secret that the pandemic has impacted businesses of all sizes and, with the economy continuing to be volatile, more support will be very welcome. Bank of America is known for providing various funding options for small businesses and we’re delighted to see that they’re rolling out targeted assistance.

“Their Small Business Grant program will ensure more funding is easily accessible for women and minority-owned businesses so that they can compete on equal terms. Female-led businesses are on the rise[1] and minority-owned businesses account for around 19%[2] of all US firms so they are of great importance to local communities. Ensuring equitable access to finance goes a long way to helping those businesses to flourish.”

The Funding Program will see grants of up to $25,000 offered to help small businesses overcome the down payment barrier. This can make a substantial difference to cash flow and free up resources for small businesses to focus on operations.

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[1] https://www.commerce.gov/news/blog/2021/03/women-owned-business-ownership-america-rise

[2] https://www.census.gov/newsroom/press-releases/2021/characteristics-of-employer-businesses.html#:~:text=According%20to%20the%202020%20Annual,(331%2C151)%20of%20all%20businesses.