Washington, D.C.—A new survey conducted by the Natural Products Association (NPA) provides insight into the hardships businesses in the natural products industry are facing as the COVID-19 public health crisis continues to impact the economy. In the survey, 95% of respondents who applied for a small business loan through the Paycheck Protection Program said they had been rejected; 88% of respondents said they would reapply when additional resources become available.
NPA’s survey also revealed:
- Average loan requested by the survey respondents was $145,354.
- Loans requested ranged from $6,000 to $1.5 million.
- The total amount of loans requested by respondents was $8,285,186.
“Our members have stayed open as essential businesses but have clearly not been immune to the shock of this crisis,” Daniel Fabricant, Ph.D., President and CEO of NPA, said in a press release. “As the country moves toward reopening in the coming weeks and months, we must ensure that health food stores and supplement manufacturers play a role in the rebuilding process and continue to provide Americans with products that support their health. We look forward to continuing to work with the Administration, governors, and lawmakers during this crisis and recovery.”
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NPA said it will conduct another survey once a new round of small business loans are made available.