While no American small business has been unscathed by the COVID-19 pandemic and subsequent economic downturn, it has affected certain industries and locales more than others and disproportionately harmed minority-owned businesses. Access to credit can help small businesses avoid cash shortfalls—whether they are due to slow business, the current COVID-19 pandemic or daily operations—and stay afloat when times are tough.  

Capital is the lifeblood of any small business, and according to NSBA’s most recent data, which was pre-pandemic, there was a drop in bank lending to smaller firms—35 percent said that lack of capital is hindering their ability to grow their business or expand operations, and 19 percent said they had to reduce the number of employees as a result of tight credit.