Some Niagara businesses have lost as much as $1M in revenue, says new survey

Some Niagara businesses lost an average of $1.1 million each last year because of the COVID-19 pandemic.

That's according to a new Niagara Region survey lookingat the impacts of the pandemicon businesses. There were 786 respondents from Niagara's 12 municipalities, the region says, and 81 per cent of businesses say they lost revenue.

And 354 businesses reported a combined loss of $388.5 million in revenue, the region says. That's an average$1.1 million per business.

The region hopes to use the survey results to help businesses, says Jim Bradley, regional chair.

"It is important that we continue to listen and respond to the needs and challenges they are facing," Bradley saidin a media release.

"We have seen throughout this pandemic that our businesses are incredibly resilient, and given the right tools and support, have what it takes to thrive. I am hopeful that these results will give us the data we need to provide those supports."

Here's how long businesses think it will take them to recover:

• 30 per cent expect to recover within one year.
• 22 per cent within two years.
• 24 per cent within three years.
• 18 per cent in over three years.

George Spezza, director of Niagara Economic Development, says businesses have a"long and difficult recovery" ahead. He hopes the resultswill lead to better understanding of what businesses need right now.

The survey found common immediate needs for the next six months include "marketing and promotion, financial assistance, employee training, sourcing critical supplies, and hiring staff."

The third part of the three-part survey ran from March 29 to April 16 2021. The two earlier parts were completed in spring 2020 and in the fall of 2020.

"Taken together, the data will help create a long-range picture of the ongoing economic effects of the pandemic," the region said.

Participants said some of the top obstacles facing their businesses included a"slow return of customers, cash flow/increased debt loads, and hiring/training staff."

Businesses reported that employee mental health, ownership mental health, overall business stability, uncertainty regarding employment stability and demand for products and services are the top five factors reported that"negatively affecting work forces during the pandemic."