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Small businesses are essential to the U.S. economy, employing nearly half of U.S. workers and accounting for more than 40% of U.S. gross domestic product (GDP). The 2020 COVID-19 pandemic had a profound effect on small businesses. As the country emerges from the 2020 recession, small businesses have recovered much faster than they did after the 2008–09 recession. Yet in order to survive and grow, small businesses will continue to need access to capital.
Equifax, in partnership with Keybridge, released this paper on the impact the pandemic has had on small business credit access, including inequities that already existed. The paper explores this data and lays out a path to affordable credit access.