During the pandemic, a combination of stimulus checks and free time led many to tap into their inner entrepreneur. Case in point:
While application volume has tapered off from the pandemic peak, data from FRED reveals we’re still in the midst of a boom.
A survey from Kabbage found 75% of small business owners said inflation had cut into profits.
On the bright side, Bank of America found 77% of entrepreneurs believe their business is equipped to survive a recession, meaning many likely expect to keep their startup dreams alive for the long haul.