More than a third of Marin County business owners polled in a recent survey said they have dipped into personal savings, racked up credit card debt or borrowed money from family members to keep their enterprises alive during the coronavirus pandemic.
The survey, which polled nearly 1,200 Marin business owners, highlights the dire financial situation for many companies after a year of lockdowns and restrictions, said Cynthia Murray, CEO of the North Bay Leadership Council. The survey was conducted in February by Keep Marin Working, a business advocacy group.
It’s not much of a surprise that our local economy has been rocked by a year of pandemic public health lockdowns.
For instance, think of those businesses — formal wear purveyors, caterers, rental firms and other businesses — that rely on weddings, proms and other such gatherings. The spread of COVID-19 essentially sidelined them, costing them a year of business.
What about restaurants that had to get by relying on takeout business — still only a fraction of the business that they had hoped to do during 2020?
There are many others, as reflected in the survey completed by Keep Marin Working.
COVID’s impacts to businesses are well known. The slowing of the economy due to shutdowns caused great financial stress and the need to adapt business models. The future is unknown with the rise of remote work and uncertainty on how consumers will spend or travel in a post-COVID environment.
Here in Marin, the future may not be so opaque.
Our economy is largely oriented towards serving the local market. As we reopen and people get vaccinated, we anticipate demand to mostly return without major changes, though we do not know how long that will take.
Join MEF CEO Mike Blakeley and Chief Economist Dr. Rob Eyler to discuss the latest economic data and an update to the Marin Recovery Data Tool. Details are below.
When: Dec 10, 2020 09:00 AM Pacific Time (US and Canada) Topic: MEF Economic Briefing
Join MEF CEO Mike Blakeley and Chief Economist Dr. Rob Eyler to discuss the latest economic data and an update to the Marin Recovery Data Tool. Details are below.
When: Dec 10, 2020 09:00 AM Pacific Time (US and Canada) Topic: MEF Economic Briefing
