Working and living in small towns makes business closures personal for community leaders. Whether the reason is owner retirement, changing trends or international competition, closures stick with us. Communities suffer each loss in tax revenue, jobs, leadership and morale. To address the voids, University of Illinois Extension shares insightful counter strategies in various ways. Please see related articles archived at www.extension.illinois.edu/blogs/building-entrepreneurial-communities:
A word list to cover all challenges that local economies face would be an interesting group exercise. I have recently focused on topics like building vacancies, business closures and recovery from disasters. Please see these and other articles on our Building Entrepreneurial Communities blog.
Many small business owners, especially those required to close, are wondering how to finance their businesses during these difficult times. This series, Financial First Aid, will provide accurate and credible information for small business owners attempting to navigate through hard times.
US Small Business Administration Disaster Assistance Loans
Life has been doling out lemons to our small, locally owned businesses, so they are busy making lemonade. While social distancing, they are thinking outside the box, engaging through social media, transitioning to online shopping, and identifying new ways to interact with their customers. They are resilient!