NORRISTOWN, PA – The Montgomery County Commerce Department
and the County Commissioners
have released results of a Franklin and Marshall College survey assessing the effects of the MontcoStrong Grant Program. The survey shows the program has had a positive short- and long-term effect on local businesses and the local economy.
Key findings from the Franklin and Marshall survey indicate:
- 98 percent of business were still in business at the time of the survey and expect to be operating at the end of 2021
- Average cash on hand represents three months of operating expenses
- Despite a drop in the number of employees during 2020 compared to 2019, total employment levels have stabilized and could show a slight increase by the end of 2021
- Although revenues declined from 2019 to 2020, they are expected to rebound by the end of 2021 (although those revenues are likely be a below the revenue reported at the end of 2019)
- More than three in five (61 percent) of MontcoStrong Grant recipients said that the grant dollars they received were extremely important in keeping their business operating
“These results are extremely encouraging, I thank our Commerce Department and the Redevelopment Authority for their quick review and disbursement of MontcoStrong grant funds to help our struggling businesses and nonprofits,” said Dr. Valerie A. Arkoosh, Chair of the Montgomery County Board of Commissioners. “Supporting our local economy has been one of our top priorities throughout this pandemic, which is why I am pleased to see such a strong rebound of our business and nonprofit sector.”
Since April 2020, Montgomery County has awarded just over $42 million in funding to small businesses and non-profit entities through the MontcoStrong Grant programs – $31.2 million to small businesses and 11.3 million to non-profits.
“These survey results reaffirm the impact of the MontcoStrong Grant Program in bolstering our local economy through direct support of our local businesses and nonprofits,” said Kenneth E. Lawrence, Jr., Vice Chair of the Montgomery County Board of Commissioners. “We know the road to recovery has been challenging, but it is encouraging to see that the majority of these organizations remain open for business.”
The Montgomery County CARES ACT Business Survey was designed to assess the effects of the MontcoStrong Grant Program and was conducted by the Franklin and Marshall College Center for Opinion Research. Respondents were able to complete the survey either online or via telephone. In total, 877 businesses completed surveys (633 online, 224 by phone) out of 2,153 eligible businesses.
About the Montgomery County Commerce Department
The Montgomery County Commerce Department provides economic and workforce development services and assistance to individuals, entrepreneurs, investors, businesses, communities, and institutions. Through its subsidiaries and expanding network of partners & stakeholders, the Commerce Department collaborates every day to make Montgomery County the place to live, work, learn, & invest. For more information visit www.montcopa.org/Commerce
, or follow @MontcoCommerce on Twitter.