With 20.5M jobs lost, including 5.5M in the service industry, and a 14.7% unemployment rate, these statistics are being compared to the Great Depression, causing anxiety. Will the American economy go back to "normal" and if not, what is the "new normal" for businesses?
Today, consumers have more purchasing power with mortgage payments, student loans, and even car payments, which are being deferred. There is even the concept of negative interest rates being kicked around to stimulate the economy. Additionally, there has been a 49% surge in e-commerce sales with online grocery sales increasing 110% and electronic sales 58%. Is this hope that consumerism will return but in a new way?
As small business owners, it is important to adapt to a "new normal". Business owners must not fall victim to poor economic news and instead learn ways to overcome it. Adaption combined with innovation will have to be a part of the forward-moving process: contact-less services, increased delivery/drop-off services, and business operating with proper social distancing in according with state guidelines. Consumers are already finding new ways to receive their products and now business owners need to adjust accordingly.
However small business owners choose to innovate and adapt their business, Lendtek wants to be their financial resource. As states begin to reopen, so have our partners and lenders. If you are a small business owner who has remained operational through these turbulent times and are looking for additional working capital or Paycheck Protection Program (PPP) assistance, you have an opportunity to be funded within 24-48 hours. Let Lendtek help you adapt to changing times and add more certainty to your economic future.