The COVID-19 pandemic has been hard on small businesses, which are estimated to employ nearly half of all American workers. A recent Federal Reserve Bank study noted that the pandemic caused an additional 200,000 businesses to close their doors last year, with small businesses comprising the bulk of the difference.
However, between 2019 and 2020, there was a nearly 25% increase in new business applications, and that increase has held relatively steady through 2021.
The analysis found that in 2019, the Tullahoma-Manchester metropolitan area received 576 new business applications. In 2020, that number increased to 621 applications. Here is a summary of the data for the Tullahoma-Manchester, TN metro area:
- Percentage change in business applications (2019-2020): +7.8%
- Total change in business applications (2019-2020): +45
- Total business applications in 2020: 621
- Total business applications in 2019: 576
For more information, a detailed methodology, and complete results, you can find the original report on Self Financial’s website: https://www.self.inc/blog/us-