More than three-quarters of small businesses in Washtenaw County have sought out loans as a result of the COVID-19 health crisis.
That’s according to a new survey conducted by Entry Point, a local non-profit organization.
Its founder, Emily Heintz, says less than 10 percent of businesses that applied for a loan have been denied one, and many businesses are taking advantage of things, such as the Paycheck Protection Program.
“That was a loan through the US Small Business Administration. 74 percent of companies that applied for that have been approved at the time they took the survey,” Heintz says.
Heintz says of the more than 400 businesses they surveyed, nearly half said they felt they were at least somewhat prepared to continue operating during the ongoing shutdown, while roughly a third said they felt completely unprepared.
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— Taylor Pinson is a writer/reporter for 89.1 WEMU News. Contact him at 734.487.3363 or email him firstname.lastname@example.org