Through the collective efforts of several organizations, a new initiative to help small businesses was introduced through the Chamber in February 2010. The initiative, Business Long Term Recovery (BLTR), has a mission to ensure the survival and growth of our flood-affected small businesses and the jobs associated with them.
A team of experienced business professionals, known as Case Managers, are advocates for flood-affected businesses. The Case Manager work directly with businesses to connect the resources that will help with immediate operational needs and position their business for the long term.
Some revealing facts follow…
A survey of 800 flood-damaged businesses commissioned by the Chamber was done by the Small Business Development Center this past summer.
Since the flood:
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Almost 2,000 jobs have been lost
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80 businesses are out-of-business and 32 businesses had not yet opened
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Businesses are carrying additional debt in excess of $120,000,000
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Revenues were off by 33% for 500 business (100 businesses are off by more than 50%)
These trends do not bode well. National statistics show that after a disaster 40% of businesses are out of business within 12 months and 55% close their doors within three years. While last summer we were ahead of the national trend, the additional debt load, lower revenue expectations and economic downturn are predictors of more business closures to come.
Contact a Case Manager