For many U.S. workers, the pandemic served as something of a wake-up call. Leaving their jobs, either by force or by choice, inspired droves of fledgling founders to try their hands at entrepreneurship. Americans started nearly three million more online microbusinesses in 2020 than the year prior. In 2021, an historic 5.4 million new business applications were filed in the U.S. While most small businesses are run solely by owners with zero employee help, at least 16% have between one and 19 employees.

For credit unions, the explosion of these so-called microbusinesses creates both risk and opportunity.

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