Data gathered by Learnbonds.com indicates that global interest in business loans has risen on the search engine Google. According to the data, between the first week of April last year and a similar period in 2020, the queries have gone up by 317%.
Coronavirus impact on businesses
According to the data, most months saw interest in the subject remain largely constant with an average popularity score of 25. However, a notable spike was witnessed from the second week of March 2020 when the score reached 30. During this period, the Coronavirus pandemic had begun taking a toll on many businesses across the globe.
In the third week of March, the popularity score significantly rose by 90% to 57. During the last week of March, the score was 89. By the first week of April 2020, the searches had achieved the peak popularity of 100 representing a 317% growth from a year ago. During a similar period last year, the score was 24.
With the current pandemic, most businesses are looking for a bailout to remain in operation for the next few months. According to the report:
“Most businesses usually seek loans in circumstances when they don’t have enough liquid reserves to sustain expenses for the short term period. The loans are meant for emergencies just like the COVID-19 pandemic. ”
From a geographical point of view, Jamaicans are the most interested in a business loan with a Google search popularity score of 100. South Africa comes second with a score of 59 followed by Nigeria with a score of 56. Other countries with more interest in business loans include Australia (54), Singapore (49), India (47 ), New Zealand (43), UK (42) Pakistan (42) and the United States (40).
Business loans are specifically intended for business purposes and they are available in bank loans, mezzanine financing, asset-based financing, invoice financing, microloans, business cash advances, and cash flow loans.