GITNUX MARKETDATA REPORT 2024

Small Business Bankruptcies Statistics [Fresh Research]

Statistic 1

"Over 88% of small businesses that fail cite cash flow problems as their primary reason."

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Statistic 2

"Chapter 11 bankruptcy filings increased by 26% in 2020 compared to 2019."

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Statistic 3

"71.7% of small businesses used personal savings to finance their operations before bankruptcy."

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Statistic 4

"In 2020, small retail businesses had a 68% higher bankruptcy rate than the national average."

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Statistic 5

"64% of small business owners have faced potential bankruptcy in their business lifetime."

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Statistic 6

"62% of entrepreneurs who filed bankruptcy were aged 45-64."

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Statistic 7

"Women-owned businesses had a 21% lower bankruptcy rate than their male counterparts in 2020."

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Statistic 8

"In 2021, nearly 50% of small businesses faced a financial risk of closure."

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Statistic 9

"Bankruptcies cost small business owners an average of $50,000 in legal fees."

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Statistic 10

"Approximately 500,000 small businesses closed permanently in the U.S. in 2020."

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