A recent survey shows that 354 Niagara businesses lost an average of $1.1 million each last year.
Niagara's Economic Rapid Response Team has released details of the recently completed Niagara COVID-19 Business Impact Survey - Part 3.
It ran between March 29th to April 16th, and was completed by 786 respondents from every municipality.
The report paints a grim picture, with 81 percent of businesses reporting a loss of revenue last year.
There was a combined loss of $388.5 million in revenue between 354 businesses, which comes to about $1.1 million each.
Businesses reported a prolonged recovery process is to be expected.
Only 30 percent of respondents expected to recover within a year.
About 22 percent expect to recover within 3 years, 24 percent within three years and 18 percent within four years.
The biggest obstacles includes slow return of customers, increased debt loads and hiring and training of staff.
Mental health of employees and owners as well as uncertain business and employment stability also ranked high as factors negatively impacting workforces during the pandemic.
You can read the full report here.
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