The Beyond The Trends Report – Fall 2021 Out Now!
Did you know that there are about a million restaurants in the U.S? And those restaurants employ nine million people? As we prepared the latest Beyond the Trends report for Fall 2021, I took a deep dive into the restaurant industry in our small business data set to explore how restaurants were performing through the pandemic and how resilient they are now.
Here’s a quick snippet — the SBA’s Restaurant Revitalization fund delivered 74,498 grants accounting for $22.4B in funds for May through June of 2021. It’s a shot in the arm for restaurants. Here’s how the funds were distributed based on annual sales.
Distribution of Restaurants by Annual Sales Size source: SBA, Experian
The RRF program has done well servicing a diverse set of applicants and underserved community segments.
- The Women-owned businesses made up almost half of the recipients
- Veteran-owned businesses were only 5% of the program. Veterans received fewer loans overall but had much higher average loan amounts awarded
- Restaurants in LMI designated areas were over a quarter of the program
- Restaurants in lower socioeconomic areas were over a third of the program’s recipients
Would you like to learn about this and other trends impacting small business?
Download the Fall 2021 Beyond The Trends Report!