Comscore’s white paper “The COVID-19 Impact on Small Business Credit Card Applications in 2020” revealed that small business card application has improved in June after a significant decline in the first half of 2020.
The number of small business credit card applications submitted in the first quarter of 2020 declined by 6% compared to the same quarter of the previous year and 41% in the second quarter.
This is partly due to small business owners’ focus on relief funding and credit card issuers’ decision to pull back on paid marketing strategies such as paid search and affiliate sites.
But in June, searches for small business credit cards started to improve slightly, indicating small business owners’ renewed interest in the last two quarters of 2020.
Comscore is an American media measurement and analytics company providing marketing data and analytics to enterprises; media and advertising agencies; and publishers.
With servicers like Tribal Credit, startups and small business owners can apply for credit cards and control their spending at the same time with spend management tools and real-time dashboards.
