Facebook, World Bank, and the OECD surveyed 30,000 SMBs in 50 countries. They found that 26% closed between January and May. 74% of those businesses expected to reopen.
Facebook and the Small Business Roundtable in May worked on the U.S. version of the State of Small Business Report. Here’s what they found…
Globally, more than one-third of small and midsized businesses surveyed reduced their workforce as a result of the coronavirus pandemic. 26% of SMBs closed between January and May, and in some countries that number topped 50%, such as in Bangladesh and Ireland.
Consumer-focused sectors were hit hard, as 54% of tourism agencies and 47% of SMBs in the hospitality and events area were closed as the survey was conducted.
Women-led businesses took a harder hit, as they were 7 percentage points likelier to be closed than SMBs owned by men. 30% of micro-businesses, which are owned and operated by owned by one person, were closed at the time of the survey.
26% of businesses closed expect to never reopen, and 62% of SMBs that were operational in May reported lower sales in the 30 days prior to the survey, when compared with the corresponding period in 2019. 57% of those businesses cited declines of at least 50%.
23% of SMBs surveyed received financial support. 60% of those were in the form of government grants and loans. One-half of SMBs that were operational in May said no less than 25% of their sales over the past month were made digitally.