Westchester’s small business community is struggling to keep
its head above water and warning it needs help to come through the coronavirus
pandemic.
While more than half have managed to keep all of their
workers on the payroll so far, nearly three quarters are deeply concerned about
cash flow, rent, paying employees and trying to figure out if and how to
continue after the crisis.
“The Westchester business community is struggling to survive during this crippling economic downturn and needs help,” said Westchester County Executive George Latimer, pointing to a survey released today (Wednesday) by the Westchester County Office of Economic Development.
“This survey provides the County with valuable information
on what services and assistance these companies need to remain in business as
our economy recovers from the pandemic.
“While each business is dealing with their own specific set
of circumstances, the survey helped us to find the common ground and to
identify how best to allocate our resources to address the needs. This is like
running a marathon on an obstacle course with obstacles we have never seen before,”
said Shari Rosen Ascher, Advocacy & Community Liaison for the Office of the
Westchester County Executive. “The survey is only the beginning of an open
dialogue between the County Executive’s office and the business community,” she
added.
The survey, which was sent to the County Economic
Development Office’s email list as well as to all the chambers, received more
than 700 responses.
Here are key findings from the survey:
58% said that they will lose 75-100% of their revenue as a
result of COVID. However, 56% said they have not let anyone go as of the date
of the survey.
More than half of the
businesses in the survey were from retail, personal services, administrative
and professional services. 60% are either solo Entrepreneurs or businesses with
less than 5 employees
85% need financial
assistance with 64% applying for SBA loans. 39% need help with the application
process.
29% of respondents
report annual gross revenue over $1,000,000 and 25% under $100,000. Small
businesses have a broad spectrum
The majority of
respondents do have some part-time employees and for some businesses this
represents the majority of their work force
65% have been in
business for more than 10 years so they are part of the fabric of Westchester
70% need help
addressing or changing business model or marketing to help keep customers/clients.
They are concerned with immediate situation with regards to cash flow, rent,
paying employees and trying to figure out if and how to continue after.
Businesses are
looking to their Chambers or business organizations for information and
advocacy for state and federal programs; help with marketing and promoting the
businesses in the community; networking and connection with one another and
where they can find help
They are also looking to the Office of Economic Development
to help them connect to resources; accurate and up-to-date information,
webinars, help with applications and grants or incentives.
