Colorado Economy: Business Survival
Uncertainty about how long many businesses will be closed and the inability to plan for the future has many communities concerned about both short term and long-term economic stability and the ability of many small businesses to survive.
On April 1, John Ferrugia spoke with leaders of several business associations to assess the statewide economic outlook. While the consensus is that the Colorado economy was strong going into the COVID-19 crisis, and the Colorado economy will be able to bounce back quickly, in the short-term many small businesses might not make it.
Even so, many of Colorado’s businesses, both large and small, are set up to weather the storm for 30 days. The outlook is bleak for those businesses that are not prepared to go longer. Capital deprived businesses and start-ups may be most at risk. But, there are silver linings everywhere, including the sentiment that we are “all in this together” and many businesses rallying to provide support where they can – banks deferring loan payments, restaurants donating food, and businesses paying employees even though their doors are closed.
The round table included:
- Joe Aldaz, CEO, Colorado Springs Hispanic Business Council
- JJ Ament, CEO, Metro Denver Economic Development Corporation (Denver Metro Chamber of Commerce)
- Robin Brown, Executive Director, Grand Junction Economic Partnership
- Laura Lewis Marchino, Executive Director, Region 9 Economic Development District (Durango & Southwest)
- Lee Gash-Maxey, Executive Director, Colorado Black Chamber of Commerce
The panel recommends the following resources for businesses:
- COVID Colorado Hotline: 303-860-5881
- CDPHE COVID-19 #s in Colorado. Updated Daily at 4pm: https://covid19.colorado.gov/case-data
Business Resource Guide:
- CARES Act:
- Colorado Black Chamber:
www.coloradoblackchamber.org. They are updating all the COVID-19 information on their events tab. - Colorado Black Chamber Facebook:
www.facebook.com/cobcc/ - Grand Junction Economic Partnership:
https://www.gjep.org/ - Grand Junction Economic Partnership COVID-19 Business Resources page: https://www.gjep.org/coronavirus-covid-19-resources/
- Furlough & Layoff Guide for Small Businesses:
- Region 9 Economic Development District of Southwest Colorado:
www.scan.org - Resources for both business and individuals:
denverchamber.org - Apply for relief that's available:
coloradosbdc.org - Colorado Springs Hispanic Business Council - The Hispanic Chamber:
www.cosconcilio.com - COLORADO COVID-19 BUSINESS RESOURCE CENTER:
https://choosecolorado.com/covid19/ - COVID Loan information: