More than $1.5 million in revenue was lost among 206 Loveland and Berthoud businesses in the initial weeks of the COVID-19 shutdowns, according to a Northern Colorado Regional Economic Development Initiative survey.
More than 40 of the 161 Loveland businesses that answered the survey, along with 10 of 45 Berthoud businesses, said the first weeks of the outbreak had cost them each at least $25,000.
The survey, which was answered by 615 businesses across Larimer County, also asked about countermeasures being taken by businesses and the types of government assistance that business representatives believed would be helpful.
Loveland’s economic development director, Kelly Jones, said one of the most important insights gleaned from the survey was the identities of business owners who are seeking help.
“It was a good way to figure out how these businesses are doing and getting names and numbers so we can be more proactive,” she said.
Berthoud’s economic development director, Walt Elish, previously told his community’s town board that the survey would help guide their response to the economic fallout of the virus.
“It helped verify what we already suspected,” he said. “If you don’t have customers, it’s hard to pay your bills.”
About 69% of Berthoud survey-takers, as well as 85% of Loveland respondents and 80% of all of the respondents in Larimer County, said they feel grants would be one of the most impactful forms of assistance.
In Loveland, about half of the survey-takers also indicated they would be interested in loans, compared with 36% in Berthoud and 46% in Larimer County.
The vast majority of respondents in both communities said such funding would be used to cover payroll and rent.
More than two-thirds of Loveland businesses said they were stepping up sanitation and implementing measures to ensure social distancing, such as offering curbside pickup for restaurants and retail.
Jones said the data obtained from the survey is being given to a team of Colorado State University economists helping the city estimate the extent of the downturn caused by the virus.
“It will help give them an idea of how long businesses feel they’ll be down from COVID,” she said. “We all need a crystal ball right now because no one has recovery answers yet.”
In addition to partnering with CSU, the city is extending sales tax deadlines, and staff members with Loveland’s Economic Development Department and business development center are helping business owners receive relief funds through the U.S. Small Business Administration.
Berthoud’s Board of Trustees also indicated its support last week for a $300,000 sales tax rebate program to aid struggling businesses.
Elish said the economic development personnel associated with the Northern Colorado Regional Economic Development Initiative will survey businesses again in the coming weeks to see how the situation has developed since the survey opened April 1.
“People need to keep in mind that this was three weeks ago when things were just hitting,” he said. “Now that businesses have received some relief money, we want to go again and see how they’re weathering the storm.”
