Resourceful and Resilient: AOF Clients during COVID-19
This September, we surveyed our borrowers to ask how they’ve adapted their businesses in response to the pandemic and what their outlook is for the future.
Small businesses have shouldered the brunt of the economic fallout resulting from COVID-19. According to the Federal Reserve, the number of small businesses declined 22% between February and April 2020, with firms owned by entrepreneurs of color hit the hardest. Black (-41%), Latinx (-32%), and Asian (-26%) business ownership all declined at much greater rates than white ownership (-17%).
Accion Opportunity Fund works to create an inclusive, healthy financial system that supports the nation’s underserved small business owners, providing working capital, equipment finance loans, and business resources. This September, we surveyed our borrowers to ask how they’ve adapted their businesses in response to the pandemic and what their outlook is for the future.
As the economy continues its bumpy recovery, the findings from this survey not only act as a baseline for further research but also inform us on how to better serve our customers through these challenging times.