24
Dec
08

Cedar Rapids

I have a brother-in-law and a good friend that live in Cedar Rapids.  These numbers about how the flood affected their business community are CRAZY!  Read on…

The results of a Vernon Research Group study conducted between September and November 2008 of Cedar Rapids’ small business owners are in and the assembled information is stunning. “I think everyone involved knew we would see a profound impact,” said Cedar Rapids Small Business Recovery Group (CRSBRG) President, Gary Ficken. “But the numbers are of a proportion that will surprise even the federal agencies and members of Congress.” Significant among the findings:

  • Approximately 1,250 jobs were washed away by the flood
  • Nearly $1.5 billion in economic impact has been felt in the community from the effect of the flood on small businesses
  • The approximate loss of buildings and their contents was over $250 million
  • Small business owners anticipate accumulating nearly $90 million in additional debt
  • 62% of affected business have moved to a new location
  • Retail and entertainment/restaurant establishments were hardest hit
  • Nearly 40 small business owners lost their homes, and had to cope with both a business and a personal loss, while almost 250 small business owners employed individuals who lost their home to the flood
  • The total amount of property taxes estimated to have been paid by small businesses is nearly $12 million, with an estimated $1 million lost due to the 3% of businesses which have closed and report they will not reopen
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