COVID-19 Implications for Businesses: Need a Cash Advance?
COVID-19 has brought a tremendous impact on businesses across the globe. Companies worldwide are facing challenges and risks previously unknown to them. So many businesses need access to additional working capital such as a cash advance to stay afloat.
Consequences of COVID-19 for Businesses
According to McKinsey Global Institute, the value that companies bring to economies, societies, and households is no more the same. During the period from 1995 to 2018, big corporations contributed even more to their home countries’ economies than previously. Specifically, there was a ten-percentage points increase in terms of share of GDP.
When COVID-19 started, the U.S. faced mass layoffs and closures in many industries. Then, the risk of closure grew and became dependent upon the expected length of this critical situation.
Based on a survey published by Proceedings of the National Academy of Sciences of the United States of America, the COVID-related impacts were different in different sectors.
- Businesses in the retail, arts and entertainment, personal services, food services, and hospitality industries witnessed over 50% employment declines.
- The disruption wasn’t that big in finance, professional services, and real estate-related businesses. These were the sectors that switched to remote production.
Businesses Changing Because of COVID
The move to the digital space has accelerated because of COVID-19. New business models are emerging so that companies could stay afloat. The new reality has led to radical changes in demand patterns for products and services. And this is observable in multiple industries and across national boundaries.
Such change results in the exposure of points of fragility in the supply chains of various industries around the globe, such as information and communication technology, as well as automotive supplies. This is also true of service networks, such as financial products.
What about your company? Are you able to keep your head above water? In case you need quick access to additional working capital, consider working with an expert alternative online lender. This is how you can be sure to enjoy the cheapest rates and the most favorable terms for business funding such as a cash advance.
COVID-19: Businesses in Different Industries
Businesses around the globe are feeling the full impact of COVID-19. Many have already closed their doors, and others are struggling to keep on moving forward. If you need financing for your business, turn to a reputable alternative online lender for quick access.
Author Bio: Michael Hollis is a Detroit native who has helped hundreds of business owners with their cash advance solutions. He’s experimented with various occupations: computer programming, dog-training, accounting… But his favorite is the one he’s now doing — providing business funding for hard-working business owners across the country.