LAS VEGAS (KLAS) — Small businesses were hit hard by the pandemic, but a recent survey by Nevada State Bank shows owners are optimistic about the future.
In Downtown Las Vegas there are pockets of small businesses, like shops and restaurants in the Container Park. Or even unique finds in Fergusons Downtown. While some businesses survived the worst of the pandemic, others couldn’t make it.
In September of 2020, Las Vegas ranked third overall in metro areas, with the highest combined rates of temporary and permanent closures. That was according to Yelp.
The Las Vegas Valley was ground zero on how big of an impact COVID-19 had on the economy. While many business owners took advantage of government assistance, like the paycheck protection program, not everyone was able to secure funding.
Now with restrictions easing, entrepreneurs and managers face another battle besides hitting sales goals.
“One of the biggest challenges they are facing is finding enough employees to serve all their customers. It’s not a great thing, because we need everybody fully staffed to get our economy firing on all cylinders, but if you look back over a year ago and would’ve said the biggest challenge right now would be finding enough employees, we would’ve taken that scenario,” said Terry Shirey, President and CEO, Nevada State Bank.
Even with these challenges, Nevada State Bank’s recent survey reveals there is a high level of positive outlook for the local economy. Especially now that we are set to open to full capacity June 1, following the CDC stating those vaccinated can go maskless.
“We are working with a lot of clients now that were recently leasing their space and now they are taking advantage of this low interest rate environment to buy their location. In many cases, it lowers their overall cost. When you are a small business every dollar matters. You can buy assets and it can be really beneficial,” added Shirey.
Shirey says now is the time to secure long-term financing because of low interest rates. This could be a chance for enprenuers to create a generation opportunity.