InvestUP conducts survey on economic impact of COVID-19 Pandemic

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MARQUETTE, Mich. (WLUC) - InvestUP partnered with Michigan Works and many of their economic development partners to see how the pandemic has affected small business in the Upper Peninsula.

Photo courtesy: InvestUP

"The findings really were profound and have indicated really just how consequential this crisis has been, so with that data I think it really reminds us that there are a number of facets to this crisis," said Marty Fittante, CEO of InvestUP.

Out of 332 businesses that have responded, already around 90 businesses have closed and 160 believed that they would not make it through the end of the year.

"46% thought that they wouldn't make it through the next six months if we don't transition to some type of normalcy. On top of that 50% of consumer sector companies reported that they were open, but generating significantly less revenue than they had been prior to the crisis," added Fittante.

The impact may also be felt stronger in the Upper Peninsula than in other parts of the state due to the nature of many of the businesses.

"So many of our businesses are seasonal in the Upper Peninsula, and we have such a reliance upon tourism, particularly in some areas like Alger County. If they lose this summer they effectively lose the year," said Fittante.

However with the governor's plan to reopen the u-p the impact of the crisis may start to decline.

"With that it certainly would be an opportunity for us to hopefully start to transition our economy back to some form of normal," added Fittante.



 
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