Small businesses contribute to the fabric of our local communities and are key in supporting our local economies, employing 1.1 million workers in Colorado, nearly 50% of the workforce. But with COVID-19 stretching companies thin, their survival is increasingly on the line. Research indicates that three-quarters of businesses don’t have enough cash on hand to cover two months of expenses, a reserve that’s being put to the test as many small businesses revenue has cratered during the pandemic.
To help local business owners and operators navigate this altered landscape and avoid permanent closure, CSU’s College of Business is launching Pivot Larimer County, a suite of free, faculty-led, workshops and video resources made possible by a $200,000 grant from Larimer County. The County received funding to provide this grant, as well as other programs to support the community, through the federal Coronavirus Relief Fund.
Although the full impact of the pandemic remains unknown, what is clear is that businesses are facing a complex set of immediate problems and long-term market shifts.