Small Business Winter Victims: Where Are They Now?

Several months ago we posted an article on how small businesses really suffered from this year’s harsh winter. Plunging frigid temperatures, snow, ice, and the works have forced small businesses to cut costs, close down shops for a couple days, and have even prevented customers from going out and spending money. Now that most areas are finally beginning to see signs of spring, are small businesses finally on the mend?

As we now stop and look around and finally see plants sprouting and the grass turning green, it’s amazing to think that not two months ago we thought this season’s winter would never end. But did small businesses suffer as badly as we originally thought?

Of course there were many victims, however, while the weather in February was significantly worse than January in many areas of the country, statistics show that lending increased in February, which was up by 23 percent from the previous winter, strengthening the economy overall. While it may seem contradictory that, yes, lending increased because small businesses are in need of resources that they don’t have, in most cases, an increase in lending really means that small businesses are confident in their stability and overall growth.

As we saw previously, many small businesses, particularly restaurants and retail, really took a hard hit this winter. However, while business for these particular industries was slow, there were few business failures reported. Overall, the government’s Small Business Administration (SBA) budget is a little smaller this year, indicating that the organization and economy expect fewer small business failures. Furthermore, unemployment continues to slowly decrease, hanging out at around 6 percent.

All in all, there were no doubt small business victims from this year’s winter. But as bad as it was, it could have been—and was—worse in previous years. Overall, business and the economy continue to slowly be on the rise, especially since customers are eager to get out, enjoy the nice weather we thought we would never see again.

And while small businesses might be eager to put this winter behind them, they shouldn’t forget about next year’s without first considering a toll free vanity number which could be your saving grace during another harsh winter.

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