Reflecting on 2020, looking ahead to 2021
EDITOR’S NOTE: This is the third and final installment of reflections from area business advocates on 2020 and the year to come.
One story has dominated the business landscape this year — COVID-19. The past nine months have been full of ups and downs for businesses, their employees and all of us as we navigated the reality of dealing with a global pandemic.
MediaNews Group asked several area business advocates to reflect on this past year and to look ahead to 2021.
Pam Kelly
President and CEO The Chamber of Commerce for Greater Montgomery County
2020 began with such excitement for a new year, a new decade. Local businesses were enjoying a strong economy with the expectation for continued growth. The news on Friday, March 13 hit like a gut punch when it was reported that all businesses were to shut down in order to “flatten the curve.”
The ongoing effects of the pandemic have been harsh on many local businesses while others found ways to pivot by creating new products or finding a new a customer base. Several industries were able to thrive as a result of our increased time at home. Regardless of how the business was impacted, we continue to see the resilience and determination displayed by the owners and staff. They have adapted by increasing the use of social media to remain relevant, offering curbside, take-out, and delivery service. New partnerships with other merchants resulted in order to take advantage of an extended reach that came from collaborative marketing.
The Chamber of Commerce for Greater Montgomery County, has endured many challenges throughout its 107-year history. It is with that reflection that we are confident and very optimistic that Montgomery County businesses will begin to see a recovery in 2021. It will take time, but with the help of government resources and the support of the community, we will remain #smallbusinessSTRONG.
Josh Maxwell
Chester County Commissioner
2020 was a year like no other for Chester County businesses. They faced shut downs, severely reduced revenue, and struggled to meet the changing needs of their employees. As a county we worked hard to support our businesses, launching the Restore Chester County initiative providing businesses with resources and tools to help them navigate the new COVID world. Working side by side with local Chambers of Commerce, businesses received support in safely re-opening, guidance on how to energize their business, and help on steps they could take to build consumer confidence. We offered two rounds of Main Street Preservation grants totaling $15 million — the second round of grantees will be announced in January — and we worked to promote safety guidelines through our “Simple Ask, Wear a Mask” campaign. With a vaccine already arriving in Chester County for our healthcare workers,
our distribution plans in place, and the creativity and dedication of our local businesses, one can’t help but be optimistic for the future of business in Chester County.
Sherwood Robbins
Managing Director of Seedcopa
It has been an e x t ra ordina r y year for small- to mid-sized businesses when it comes to financing through partially governmentguaranteed loans. SBA 504 loan volume soared to the highest in its 34-year history, as interest rates continued to dip to record lows. We saw this trend nationally, but also locally, as Seedcopa worked with new (and more)
bank partners than we were one year ago on SBA 504 loans.
While the low interest rates were no doubt a factor, it’s the structure of the SBA 504 loan that seems to be especially appealing to more business owners right now. Coupling less money out of pocket with long-term, fixed interests rates provides the borrower with confidence of stable loan payments for years to come. By keeping valuable capital within the business, owners can use that money to do what they do best — grow their businesses. This is essential to small businesses during the COVID-19 crisis and moving forward.
What needs to happen to turn 2021 around? As a director of the National Association of Development Companies, where I represent Pennsylvania, Delaware, Maryland, Virginia, West Virginia
and D.C., I see the potential for growth and success twofold. First, we have been able to work with a number of businesses that pivoted within their business models. Many owners who were able to develop a new vertical line of business, or transition their products/ services, have actually had a rather successful 2020. Second — is to stabilize COVID-19 and the economy that has developed as a result of it, so our nation can get back to either “normal” or the “new normal.” This concept may sound obvious, but clearly we’re not there yet.
The entire Seedcopa team respects how important small business is to our country. We are ready to continue to serve those small businesses with the financing they need and look forward to a happy, healthy and yes, prosperous New Year.