The Impact of COVID-19 on the Lending Industry
Industry Update
November 11, 2021
Source: SFLCN.com
During the height of the COVID-19 pandemic and the subsequent recession, households, businesses, and entire nations struggled to determine where to find capital. A massive shock wave hit the public, and sustaining regular operations often seemed bleak. As a result, the United States saw GDP fall 32.9% in Q2 of 2020.
Though the recession in the wake of the novel coronavirus was the shortest on record since 1857, it also meant the lending industry would feel the effects. A disruption in the money supply draws down what is available for borrowing. Many factors steer consumer confidence and subsequently the ability of an organization, or an entire country, to produce.
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