As the Delta variant, vaccine and mask mandates, and talk of COVID booster shots continue to cast a cloud of uncertainty over Arizona small businesses, recent data suggest positive economic growth during the spring and summer months of 2021 as 64% of Arizona small businesses believe they will stay in business during the next 12 months.
That and other findings are part of Facebook’s latest “Global State of Small Business Report.” The report recaps the economic impacts of the COVID-19 pandemic, including information on how businesses in Arizona continue to adjust to uncertain conditions and how entrepreneurs are feeling about the future.
As of July 2021,
- 44% of small businesses across Arizona are reporting higher sales, a large jump from 13% in February
- Confidence that small businesses will stay in business for the next 12 months rose from 55% to 64%, a sign of positive growth during the spring and summer months in Arizona
- 49% of Arizona small businesses have used a digital presence to increase sales, an 18% increase since February
In an effort to help, over the past year Facebook has launched numerous initiatives aimed at supporting small businesses and helping them navigate the uncertainty of reopening, including providing grants to business owners, developing innovative new tools and products, and hosting digital tool training events, such as “Boost with Facebook” events.
Additionally, in honor of National Small Business Week (Sept 13-17), Facebook is continuing its commitment to small businesses by announcing new avenues to help them address topics they’ve identified as a top challenge: access to capital. To help address this challenge, Facebook is:
- Announcing Facebook Invoice Fast Track Program: More than 35,000 small businesses will now be eligible to sell their invoices to Facebook through for a low-fixed fee to access much needed capital more quickly than is traditionally possible. This is an expansion from the Facebook Receivable Financing Program and will fund up to $100 million in invoices on an ongoing basis with a focus on minority and diverse-owned companies.
- Creating a Small Business Funding Portal: Establishing a new small business funding resource that helps underinvested business owners connect with responsible lenders, communities and access up to date news to help start, scale or manage their businesses.
“We know that minority-led businesses, even before the pandemic, faced greater structural challenges accessing credit and capital. To help address this issue, we’re announcing these new tools and resources to help small businesses, including new ways for diverse businesses to more easily access capital,” said Diana Doukas, manager for Economic Impact for U.S. Policy Programs at Facebook. “Through Facebook Invoice Fast Track Program and our small business funding portal, we’re providing small businesses new tools to help them manage their finances during this uncertain time.”