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In response to persistent inflation and rising borrowing costs, small businesses increasingly rely on credit cards for funding, according to the Intuit QuickBooks Small Business Index. Around 30% of small businesses in the U.S. have used credit cards as primary or secondary sources of funding in the past year, the study shows, while 22% turned to loans or lines of credit. Inflation has exacerbated this trend, and monthly credit card spending by small businesses now averages 20% more than pre-pandemic levels, equating to approximately $3,000 per business.
To learn more about this trend and what it means for the health of small businesses, read this story from Fox Business.
By Rebecca Meiser
Contributor, Commerce + Communities Today and Small Business Center
ICSC champions small and emerging businesses in getting from business plan to brick-and-mortar.
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