Small business ownership drives economic mobility, creates jobs, and sustains families and communities. Yet entrepreneurs of color, low income individuals, immigrants, and women are disproportionately denied vital working capital and support. At Accion Opportunity Fund, we connect these underserved entrepreneurs to working capital and resources, building a more inclusive economy.
2020 has been a difficult year for small businesses across the country, especially for minority and women-owned businesses. Accion Opportunity Fund has been working overdrive to ensure that our small businesses have the support to weather this pandemic, because even relatively small amounts of capital can make a huge difference for these entrepreneurs and their communities.
In September, Accion Opportunity Fund 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, 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.
- 4 out of 5 small business owners reported the pandemic having negatively impacted their business, with most reporting reduced or zero revenue
- Two-thirds of Accion Opportunity Fund borrowers implemented changes to their business in response to the pandemic
- To get back on their feet, entrepreneurs are looking for additional financing and guidance
- 8 in 10 small business owners expect their financial situation to improve, with most expecting to keep their businesses open long-term
Read more here.