America’s two-track economy: the small business credit crunch

Over the past three decades, Kim Peacock and her husband Don Milroy built up a modest but respectable nut business based in Arlington, Texas. In March, 31 years of toil nearly unravelled in a matter of weeks.

The producer and retailer’s biggest customer was American Airlines’ Fort Worth hub. Every year GNS Foods supplied the carrier with millions of pounds’ worth of roasted pecans, pistachios, cashews and almonds. But when the Covid-19 pandemic grounded swaths of the airline industry, its wholesale business evaporated almost overnight.

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