With the current repayment deadline set for December 31, 2023, failure to extend it could lead to closures of many businesses as they struggle to repay loans along with rising costs, inflation, and labor challenges, potentially impacting local economies and communities.
A review of municipal legislation and reinvented retail strategy is required to enhance the efforts and effectiveness of BIAs following pandemic disruption.
Nearly 80% of businesses say they will not be able to pay rent in July and a high percentage are doomed to fail. Reopening poses its own challenges and expenses and BIA groups are trying to come up with solutions.