A Chasm Deepens in America’s Credit Markets, Swallowing Smaller Firms
Existing disparities in access to capital have widened as a result of responses to the crisis by the Fed and the U.S. government.
GeckoParx founder John Duran received payments from the Paycheck Protection Program and the Economic Injury Disaster Loans but struggled to pay his bills. Duran has decided to close up shop like many small business owners throughout the U.S.
Photographer: Scott McIntyre/BloombergTimes are tough at SeaWorld, home of killer whales and bottlenose dolphins. But they’re even tougher at GeckoParx, a few hours down the Florida Turnpike.
Both amusement parks were forced to close temporarily when the coronavirus pandemic struck. Despite setback after setback, SeaWorld Entertainment Inc. — a publicly traded corporation — easily secured something that every business needs: credit. It borrowed almost $730 million in the capital markets. And smaller GeckoParx? It’s shutting its doors after burning through nearly all of its money.