Countless small businesses went bankrupt during the recession.

Literal

Countless small-businesses [subject-が] recession [possessive-の] time [at-に] went-bankrupt.

無数の ('countless') — 無 (none) + 数 (number). 不景気 ('recession') + の時 ('the time of') = 'during a recession.' 倒産する ('to go bankrupt') is a compound from 倒れる (to fall) + 産 (industry).