Chambers at the Forefront
Small Business Weighs In on the Financial Crisis
How is the financial instability of the past few weeks impacting your members? The Detroit Regional Chamber tried to answer that question this week by serving their small business members about the realized and anticipated impacts of tightened lending and failed consumer confidence. As expected the vast majority have seen an impact and expect the climate to persist.
Here is an expert from their press release:
DETROIT - Today, the Detroit Regional Chamber polled its small business members on the current crisis gripping Wall Street and the credit markets. Over 75 percent of the survey respondents are being negatively affected by such outcomes as higher interest rates for borrowing money, less access to capital and a decline in business as consumers adjust to the economic downturn. Almost 90 percent believe the financial crisis will have a harmful impact on their small businesses in the next six to 12 months.
"It is clear small businesses are struggling because of the fragile conditions in our financial markets today," said Sarah Hubbard, vice president of government relations for the Detroit Regional Chamber. "The crisis threatens to shut off the lifeblood for small businesses - access to money for creating jobs and growing business."
Approximately 75 percent want the federal government to quickly respond to the crisis with a comprehensive solution. Many of the respondents cautioned that whatever proposal is enacted must be well thought out and not do more harm than good to the economy.
"The Chamber will be communicating with the Michigan Congressional Delegation and the Bush Administration to ensure they are aware of the views of small businesses in the Detroit Region. Small businesses are looking to Washington D.C. for smart solutions to deal with the problem," continued Hubbard.
How is your chamber responding to the financial crisis? What is your strategy for communicating the value of chamber investment even in the face of hard financial times? Please leave a comment and share your opinion.