"The macroeconomic climate and policies coming out of the White House have been a thorn in the side of SMBs all of last year. Despite these difficulties, the number of new business applications is on an overall upward trend, according to the most recent data by the US Census Bureau. This may be because the actual down-in-the-trenches work of running an SMB is being made easier by FIs and fintechs."
"75% of SMBs report that their businesses are taking a hit due to supply chain issues, according to a report by Bank of America that came out late last year. Bank of America is helping SMB manage these volatilities by enabling access to supply chain financing and risk management solutions. Through the bank, SMBs can limit their exposure to foreign exchange volatility, by locking in rates for up to one year."
The macroeconomic climate and White House policies created persistent difficulties for SMBs last year while new business applications trended upward, per US Census Bureau data. Financial institutions and fintechs reduced operational friction by improving tools that simplify daily SMB operations. Bank of America strengthened its business banking strategy to better serve SMBs and to compete ahead of other FIs and fintechs. A Bank of America report found 75% of SMBs were affected by supply chain issues. The bank offers supply chain financing, risk management solutions, and foreign-exchange rate locks for up to one year to limit volatility exposure.
Read at Tearsheet
Unable to calculate read time
Collection
[
|
...
]