Welcome to the LondonDerry Chamber of Commerce

Connecting Business Northwest

LONDONDERRY CHAMBER SURVEY SUMMARY – IMPACT OF COVID-19 ON LOCAL BUSINESSES

 

  1. ONLY 18% OF DERRY BUSINESSES REMAIN PHYSICALLY OPEN
  • Just over a quarter of businesses are closed and not trading at all
  • Half of Derry businesses have their staff working from home

 

  1. A THIRD OF BUSINESSES ARE NOT ELIGIBLE FOR THE EXECUTIVE’S £10,000 OR £25,000 GRANTS
  • Of those entitled to the £10,000 small business grant, less than a quarter (23.5%) have, to date, received their payment

 

  1. FEWER THAN 1 IN 8 BUSINESSES HAVE APPLIED FOR A GOVERNMENT BACKED CORONAVIRUS BUSINESS INTERRUPTION LOAN.
  • Feedback of the experience is there is a “delayed response”.

 

  1. 59% OF BUSINESSES SURVEYED INTEND TO USE THE GOVERNMENT’S CORONAVIRUS JOB RETENTION SCHEME TO FURLOUGH WORKERS

 

  • The sectors furloughing most staff are Technology, Manufacturing, Construction and Property, and Retail.

 

  1. CASHFLOW, THE WELLBEING OF STAFF AND BUSINESS SUSTAINABILITY & CONTINUITY ARE AMONGST BIGGEST CHALLENGES FACING BUSINESSES
  • Cash flow is the singlemost important challenge for companies in Derry, causing concern around paying staff and the erosion of business over time.
  • The absence of a timeline makes planning difficult and concern is expressed about how long it may take the economy to recover.
  • Business owners are concerned about the wellbeing of their staff who are being furloughed or having to work from home

 

  1. OUR BUSINESSES ARE ASKING GOVERNMENT FOR MORE SHORT-TERM SUPPORT, AN EXIT STRATEGY AS WELL AS MORE PROTECTION FOR OUR FRONTLINE WORKERS
  • Respondents to the survey repeatedly stressed the need for Government to provide more support for struggling businesses now by extending interventions like the rates holiday for a longer period, expanding the grants schemes to include more businesses who have been severely impacted by the actions taken to stop the spread of COVID-19 and support for limited company directors, as well as providing better information, more clarity and speedier delivery of existing schemes.
  • Several respondents to the survey called for the Government to begin to set out a clear strategy to lift the lockdown and restart the economy.
  1. AMONG THE STEPS BEING TAKEN BY BUSINESS TO GET THROUGH THIS CHALLENGING PERIOD DERRY BUSINESSES ARE BEING INNOVATIVE, INVESTIGATING NEW MARKETS AND ADAPTING EXISTING PRODUCTS & SERVICES
  • Businesses in Derry are using this time to develop online strategies, researching new markets, and considering how to implement change to cope with business in the aftermath of Covid-19.