Local companies report impacts of pandemic

Nearly a third of companies have either fully or partially shut down due to the coronavirus, and about half have lost a large chunk of their sales to foreign buyers.

Those are among the results of the recent COVID 19 Impact Survey conducted earlier this spring by the Export Assistance Network at Youngstown State University.

Mousa Kassis, director, said the EAN, part of the Small Business Development Center at YSU, surveyed clients to get a better idea of how the coronavirus has impacted local companies.

He said EAN, which is part of the Williamson College of Business Administration at YSU, will use the feedback to assess the pandemic’s effect on the local economy, workforce and resources and on small- to mid-sized companies. It also will help EAN understand how it can assist companies through the challenges caused by the pandemic, he said.

Survey respondents included 57 EAN clients in 10 counties throughout Northeast Ohio, the majority from Trumbull, Columbiana, Mahoning and Portage counties. Kassis also said that, due to the rapidly changing impact and policies surrounding the coronavirus, survey results can change quickly.

Among the results:

• 5 percent of respondents said they had to fully shut down their companies, while 24 percent said they had a partial shutdown and 16 percent said they were working remotely. Nearly 29 percent said they were still open with full staff on the premises.
• 48 percent said they experienced decreased sales to foreign buyers, and most of them said the decrease has been 50 percent or more.
• 41 percent said they would need to search for new supply chains post pandemic, while 26 percent said they thought the supply change would remain the same and 21 percent predicted drastic change.
• 68 percent said they had applied for loans through the federal Paycheck Protection Program, while 5 percent said they applied for the federal Economic Industry Disaster Loan. Nearly 39 percent of the loan requests were for $500,000 or more. Nearly two-thirds of applicants said they received loans for the amount they requested. Less than 2 percent were rejected, and about 22 percent had not yet been notified about the status of their applications.

Given the results, EAN said it has added new services to its core assistance by helping companies find alternative global supply chain. New and current services include: customized reports to dissect the supply chain, suppliers and find identify new global suppliers; access to more than 80 countries around the world through a customized International Market Support Program; SBDC-customized research tools via YSU utilizing Beeghly Fellows interns at WCBA, providing customized reports for companies in the region.

For more information, contact Kassis at 330-941-2145 or visit.