ANN ARBOR – The majority of business owners in Ann Arbor reported being impacted by the coronavirus health crisis, according to a new report by EntryPoint.
The research-based nonprofit surveyed 185 businesses across the city of Ann Arbor, 48% of which are located in the downtown area. Of the respondents, 85% of the businesses have fewer than 25 employees, while 70% have fewer than 10.
Businesses surveyed operate across a variety of sectors including hospitality, tech, retail, health care, professional services and agriculture, among others.
Of the 79% of businesses that reported applying for or intending to apply for loans to help continue operations during and after the pandemic, only 8% reported being denied loans.
78% of businesses that applied for the Paycheck Protection Program Loan were approved, compared to 74% in Washtenaw County, and 27% of businesses that applied for the Economic Injury Disaster Loan were approved, compared to 22% in Washtenaw County.
Ann Arbor companies make up for 46% of businesses in all of Washtenaw County.
According to the report, 59% of businesses in Ann Arbor lost more than half their revenue since February. Only 10% reported steady or increased revenue since the pandemic began.
While nearly half of the Ann Arbor businesses surveyed reported feeling somewhat prepared to continue operations during the statewide shelter-in-place order, 32% reported feeling completely unprepared for reducing operations, shifting to remote work or reducing spending.
To see the full report, click here.
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