Today in data, small- to medium-sized businesses (SMBs) are the backbone of the U.S., and it’s no surprise that Latin American companies are becoming the same in that region. In Colombia, for example, 60% of the 5 million SMBs struggle to get access to financial services. As a large and needed economic driver on the world stage, SMBs have a lot of pull, which gave credit unions (CUs) and community banks renewed commercial sway during the pandemic. Some 73% of SMBs in the U.S. said their financial institutions (FIs) reached out to them, offering assistance during some of the worst of times.
Data:
130,000: Number of SMBs that shuttered permanently in 2020 due to the pandemic
84: Percentage of SMBs that will keep digital banking activities in place
60: Percentage of Colombian SMBs with no real access to financial services
19: Percentage that PYMNTS Main Street Index Score clocked in the first quarter of 2022 as compared to its lowest point during the pandemic
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