Survey: Third of Local Companies Shut Down Due to Virus
YOUNGSTOWN, Ohio – A survey by the Export Assistance Network at Youngstown State University has found that nearly a third of companies in the area shutdown either fully or partially because of the coronavirus.
In the COVID-19 Impact Survey conducted earlier this spring, 5% of respondents said they had to fully shut down their company, 24% had a partial shutdown and 16% were working remotely. Meanwhile, 29% remained open with all staff working on-site.
Other findings from the survey include 48% seeing a decrease in sales to foreign buyers, 41% saying they would need to research new supply chains and 68% applying for funds from the Paycheck Protection program. Of those loans, 39% were for $500,000 or more. Two-thirds were for the amount requested, while 2% were denied.
Mousa Kassis, director of the Export Assistance Network, said the survey will be used to develop and improve services offered by the office.
Given the results, he said in a statement, the Export Assistance Network has added new services to help companies find alternatives in the global supply chain.
Among its new and current services are access to more than 80 countries through the International Market Support Program, research tools customized through the Small Business Development Center and the Beeghly Fellows program, where student interns from the Williamson College of Business Administration provide customized research reports.
The Export Assistance Network survey had 59 respondents from 10 counties in northeastern Ohio. The majority of respondents were from Mahoning, Trumbull, Columbiana and Portage counties.
Source: YSU News
Published by The Business Journal, Youngstown, Ohio.