What Happens to Small Businesses after lockdown in the United States?
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T
he survival of many small businesses after the lockdown remains uncertain.
Shocking statistics show that no fewer than 100,000 small businesses in the United States have been permanently shut due to coronavirus pandemic from early March 2020.
Many businesses that managed to survive face uncertainty because the pandemic is not over yet. Despite the huge allocation of resources to the tune of $700 billion many small businesses are still at risk of a permanent shut down.
S
mall business owners in the United States have also been worried about what becomes of their businesses after the lockdown.
They have come up with some creative ideas and how to ensure that their business survives through these very difficult times. The prevailing situation indicates that the financial future of small businesses is bleak and uncertain.
The Rise of Saving clubs for Small Businesses
Businesses have been on and off most of the time as the increase in infection rates led to tightening and relaxing of restrictions. In all these, some investment systems like the stock have remained on the high side.
They have been coming together in groups to contribute towards having a savings and loans platform that is informal and nonbank related.
These Rotational Savings and Credit Association are springing up to take on the challenge of ensuring that their members have funds to do business.
How it works
All members make a monthly contribution and the amount realized is made available for investments. Each member takes a turn to benefit from large sums of disbursement every month until every member benefit and the circle goes on and on.
This creative system offers small businesses the chance of survival after lockdowns are over. They will have saved up large sums by their monthly contributions and reinvest them into their businesses.
GW Susu
GW SUSU is an informal savings club for small businesses. Members on the SUSU platform make a monthly contribution and a member gets lump disbursements every month. Its headquarters is in Dover, Delaware.
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