The global coronavirus pandemic has impacted all companies, but small businesses have been hit hardest.
With fewer resources, small employers have less wiggle room to endure deep and prolonged economic downturns.
Some have been forced to temporarily close to prevent the spread of COVID-19. Others have had to reinvent their business to find new customers and revenue streams.
Some have simply gone out of business, lacking the reserves to deal with a precipitous drop in customer demand.
For example, popular Hartford farm-to-table restaurant Firebox announced early this month it has closed its doors for good due to “uncertainty” caused by the COVID-19 pandemic. Downtown Hartford’s Homewood Suites by Hilton hotel on Asylum Street made the same announcement in March.
The economic pain felt by small businesses is reflected in the number of companies that applied for and received emergency loans from the federal government’s Paycheck Protection Program.
As of May 23, the U.S. Small Business Administration approved nearly 56,000 loans for Connecticut businesses totaling $6.6 billion.
Hartford Business Journal talked to four small businesses about their survival strategies during these trying times. Some have innovated and found new customers. Others are still trying to figure out how to operate for a while longer under current economic conditions.
All are hoping for better days in the future. Here are their stories.
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Entrepreneur Kania helps stabilize one business, while launching another
