Survey uncovers pandemic’s fallout on Bloomington businesses
A recent survey confirmed that the COVID-19 pandemic has had a negative impact on Bloomington businesses.
Four in 10 businesses responding to the National Business Survey™ indicated that a decline in business and sales due to the pandemic was a major problem; an additional two in 10 reported it as a moderate problem. Paying commercial rent, mortgage or lines of credit was a major or moderate problem for 28% of respondents. Nineteen percent reported that not having funds to pay employees was a major problem.
Forty-two percent of respondents expected a serious shortfall in revenues compared to original 2020 budget projections. In spite of the challenges, two-thirds of business owners and managers anticipated growth in the next five years.
Respondents to the National Business Survey™ remain pleased with the City of Bloomington’s services. Services including police, street repair, and snow removal were ranked higher than the national benchmark.
A total of 195 businesses responded to the National Business Survey™, which was conducted between September 23 and October 21, 2020. The poll was conducted by the National Research Center of Boulder, Colorado.
For complete survey results, visit blm.mn/bizsurvey.