CDFIs helping small businesses Source: Shutterstock.

Small businesses make up 99.9% of all U.S. businesses and account for 66% of employment growth, according to the U.S. Small Business Administration. Yet, when it comes to their banking needs, the small business market remains vastly underserved, especially when considering digital capabilities.

At the beginning of the pandemic, financial institutions were quick to support small businesses, offering relief loans through programs like the Paycheck Protection Program (PPP) and working to offer flexible service options for a remote world, including standing up order-ahead experiences and contactless payment options. Financial institutions were quickly creating a digital presence where there previously was none. However, that momentum has since slowed.

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