Small businesses are increasingly dependent on sofi loans.
The U.S. Consumer Financial Protection Bureau reports that the number of small business loan applications declined by more than half from 2013 to 2014.
But the bureau says that the trend is unlikely to slow down.
Sofi loans are loans to small businesses that are secured by a principal-equivalent loan that is repaid by interest.
For the last six years, the bureau has been tracking the interest rates that borrowers can borrow from sofis, and the data shows that the average interest rate on these loans is now more than 30% higher than it was before the recession.
In 2014, a sofia loan was valued at $2,974,000.
The median amount of interest that borrowers received in a sofa loan was $1,919.
But that loan is now worth more than $20 million.
As a result, sofias are becoming increasingly valuable, particularly to borrowers who need to borrow money to open a business.
“There are a lot of borrowers that are looking for loans with high interest rates and high rates of repayment,” says Michael Capp, a senior vice president at the American Bankers Association.
“We’re seeing this trend.”
Department of Justice estimates that between 2007 and 2020, the number in the labor force increased by about 1.2 million, or 3.4% annually.
The labor force participation rate, a measure of the share of Americans who are either employed or actively seeking work, fell from 69.1% in 2007 to 64.7% in 2020.
The share of people ages 25 to 54 who are unemployed fell from 12.9% in 2011 to 10.7%, according to a report released by the Labor Department in February.
The rate of unemployment among black people fell by 2.9 percentage points between 2013 and 2020.
According to the bureau, more than 6.2% of the nation’s population is classified as being “unemployed,” meaning they have not worked in the past three months.
For many young people, having a job is often more important than having a salary.
And that’s not an argument that will be made anytime soon.
“The economy is still very much a work in progress, so there’s a lot more work to do,” says David Gartrell, the chief economist at the Pew Research Center.
“Young people are still struggling to get on their feet.
And we don’t have enough people in the workforce to do the jobs that young people are going to want to do.”
For many millennials, getting a job at all can be difficult.
“I’m not looking to work at McDonald’s,” says Ashley Smith, 23, of New York City.
“It’s a bit of a challenge to find a job that is stable and predictable.”
She added, “I’ve been doing the math and realizing that it’s really hard to find stable work right now.”
A number of other millennials are struggling with finding steady work.
The Census Bureau reports more than 17 million people between the ages of 25 and 34 are unemployed.
A Pew Research study found that about 11% of people between 18 and 24 are living with their parents or with someone who is in the same situation.
Another 7% of Americans between 18 to 34 live with someone else, according to the National Partnership for Women & Families.
The economic crisis has led to a massive increase in unemployment for young people.
In 2016, the unemployment rate for 18- to 24-year-olds was 16.7%.
In the same year, the average age of the people who are out of work was 19.2 years old.
That’s a dramatic increase, particularly among young adults, according the Bureau of Labor Statistics.