The report, which surveyed over 35,000 small and medium-size businesses across the world, found that 22% of U.S. small businesses were closed in February. Those figures were up from October’s 14%. At the peak in May, the pandemic saw 23% of small and medium-size businesses closed — only 1 percentage point higher than the current closure rate.
While some loan issue processes through the PPP have grown more complicated since the passage of the Cares Act, the ease by which banks have been able to get money to small businesses in need has grown greatly. The $7.25 B injection of cash to the American Rescue Plan and clearer guidelines are the reason for smoother processes for dispensing funds the second time around in Southern Florida.
Source: Miami Today
Sean Salas, CEO of Camino Financial, stated that the partnership with Lendio is aiming to ensure more Black and Latinx owners’ capital needs are met, especially due to financial burden during the COVID-19 pandemic. Brock Blake, CEO and co-founder of Lendio, further commented: “Lendio is thrilled to be partnering with Camino Financial to open up funding opportunities to more business owners across the U.S. Lendio and Camino are aligned in our mission to make access to capital more inclusive, particularly for very small businesses and for women- and minority-owned businesses.”
Source: Crowdfund Insider