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35% of American small business decision-makers have turned to personal funds to help keep their businesses afloat during the Covid-19 pandemic, according to a poll by CreditCards.com and YouGov. The data includes those who tapped a personal savings account (21%), used a personal credit card (24%), or both (10%).
"It's commendable how far these dedicated business owners are willing to go in search of their dreams," says Ted Rossman, industry analyst at CreditCards.com. "I worry, however, about the debt they're taking on, and how they're potentially putting their personal finances at risk."
Paycheck Protection Program loans from the Small Business Administration, were used by 30% of small businesses. That was followed by personal credit cards (24.4%), business savings (24.4%). And personal savings (20.7%). The entire list is below.
More than half of small business leaders (53%) agree that they will need either an increase in sales or some type of assistance just to stay in business this year.