---
title: "More Than A Third Of Small Businesses Relying On Personal Funds During Covid-19 Pandemic"
url: https://burnaze.com/article/2d0ed990-bc04-444f-8daa-04d04332926e
source: "Franchising.com"
original_url: https://www.franchising.com/articles/more_than_a_third_of_small_businesses_relying_on_personal_funds_during_covi.html
author: "Multi-Unit Franchisee"
category: "Finance"
topics: ["Finance & M&A"]
published: 2020-08-11T09:00:00.000Z
modified: 2026-11-01T02:34:46.479Z
image: https://imgs.franchising.com/art/articles/5506_plate.jpg
---

# More Than A Third Of Small Businesses Relying On Personal Funds During Covid-19 Pandemic

**TL;DR:** More than a third of small businesses rely on personal funds to stay afloat during the Covid-19 pandemic, according to a poll by CreditCards.com and YouGov. 35% of American small business decision-makers have turned to personal funds, including personal savings accounts and personal credit cards.

*By Multi-Unit Franchisee, originally published in Franchising.com on 2020-08-11. [Read the original](https://www.franchising.com/articles/more_than_a_third_of_small_businesses_relying_on_personal_funds_during_covi.html).*

## Story

35% of American small business decision-makers have turned to personal funds to help keep their businesses afloat during the Covid-19 pandemic, according to a poll by CreditCards.com and YouGov. The data includes those who tapped a personal savings account (21%), used a personal credit card (24%), or both (10%).

"It's commendable how far these dedicated business owners are willing to go in search of their dreams," says Ted Rossman, industry analyst at CreditCards.com. "I worry, however, about the debt they're taking on, and how they're potentially putting their personal finances at risk."

Paycheck Protection Program loans from the Small Business Administration, were used by 30% of small businesses. That was followed by personal credit cards (24.4%), business savings (24.

4%). And personal savings (20.7%).

The entire list is below. Small business funding sources during the Covid-19 pandemic PPP loan(s) 29.6% Personal credit card(s) 24.

4% Business savings account(s) 24.4% Personal savings account(s) 20.7% Business credit card(s) 20.

1% Other types of loan(s) 29.6% More than half of small business leaders (53%) agree that they will need either an increase in sales or some type of assistance just to stay in business this year.

## Entities

- Franchising.com (publication)
- General (sector)
- Multi-Unit Franchisee (person)
- covid-19 pandemic (topic)
- Small Business Administration (regulator)
- YouGov (company)
- small business funding (topic)
- personal funds (topic)

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Originally reported by Multi-Unit Franchisee, Franchising.com (https://www.franchising.com/articles/more_than_a_third_of_small_businesses_relying_on_personal_funds_during_covi.html). Summarized by Burnaze (https://burnaze.com/article/2d0ed990-bc04-444f-8daa-04d04332926e).