The average monthly credit card expenditure of U.S. small businesses is up by an average of 20% compared to pre-pandemic levels, according to a recent report by Intuit QuickBooks.
Around 1,660 small businesses have filed for bankruptcy in 2023 so far, which is higher than in all of 2022, according to the American Bankruptcy Institute.
Access to capital for small businesses is at an economic cycle low.
Getting a business credit card is much easier than getting a loan from a bank, Akcigit said.
Power, who leads research on small business credit cards at the firm.
Persons:
Jerome Powell, Ufuk, Intuit QuickBooks, Goldman Sachs, Akcigit, John Cabell, Cabell
Organizations:
Fed, Federal Reserve, Bureau of Labor Statistics JOLTS, Intuit QuickBooks, University of Chicago, Intuit, American Bankruptcy Institute, Goldman
Locations:
., U.S