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Americans hit by pandemic create startups at record clip

People are proposing business concepts that stem from the pandemic, or finally acting on business ideas they have had for a long time

Americans enduring a feeble economy and high unemployment because of the coronavirus pandemic are creating startup companies at a record pace.

The drive is favored by very low interest rates, banks that are eager to lend, and people with money saved up – both because no one goes out anymore and because of government stimulus aid.

“It is not as surprising as you might think,” said John Dearie of the Center for American Entrepreneurship. “People are starting new businesses because they lost their jobs. And because they have capital to start those businesses.”

Around 1.6 million companies were created from July to September, by far a record, according to the Census Bureau. Never before had more than a million startups emerged in one quarter in America. Read more via Rappler

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