81 of Niagara Businesses report losing revenue in 2020

We are getting a clearer picture of some of the damage done to Niagara businesses last year.

Niagara’s Economic Rapid Response Team releasing more data from their Business Impact Survey.

The Survey found 81% of businesses reported a loss of revenue in 2020. 

354 businesses reported a combined loss of $388.5 million in revenue, an average of $1.1 million per business.

There is not much optimism of a quick recovery as 64% of the businesses expect it to take more than a year to bounce back.

Business indicated their immediate needs for the next six months included marketing and promotion, financial assistance, employee training, sourcing critical supplies, and hiring staff.