Small Business Demonstrate Resilience

Small businesses have been greatly affected by the coronavirus. Collectively, they are a essential part of the economy. The economic impact not only affects the business but echoes out to the community and others.

Mercator Advisory Group’s most recent report, 2021 Small Business PaymentsInsights: Business Operations – In the Midst of a Pandemic, from its annual PaymentsInsights series, examines all aspects of the small business experience, including the management of business operations, tapping into critical resources as channels of support, and building relationships with financial institutions.

The report is based on an online survey administered between June 9th and July 16, 2021, across 2,007 U.S. Small Businesses with 2020 annual revenue between $100K and $10 million. The report also provides insight into how they bank and pay for goods and services, their banking relationships, view of technology, and their top business concerns.

“Although small businesses have been hit hard by the pandemic, they continue to demonstrate resilience in the face of what at times seems to be impossible odds. Concerns about cash flow continue to exist. Many, who lack personal financing to help run their businesses, take advantage of loan programs and other credit options to survive yet keep an optimistic outlook as they align their business operations with their support team of banks and financial advisors.”- Amy Dunckelmann, Vice President, Research Operations, Mercator Advisory Group.

This report is 78 pages in length and contains 47 exhibits.