Page 20 - FDI Alliance International Magazine Summer 2020 Digital Interactive Issue

→ DEMONSTRATING RESILIENCE

HOW ECONOMIC DEVELOPERS HAVE PIVOTED TO

SUPPORT BUSINESS DURING COVID-19

In an instant, the wheels ground to a halt. The addressed by the financial aid that was available. in advocacy to senior levels of government. The
momentum that many cities and countries had As each week clicked by without reprieve, they result was a first of its kind collaboration in the
created related to international investment interest watched as revenues dropped while operating City which broke down agency silos and brought
was suddenly disrupted with the cancellation of expenses remained unchanged. With reports in together groups that had historically not worked
international flights, the closure or borders and the Canadian media suggesting that as many together before.
even the opportunity to meet face to face, where as 74% of small businesses would not survive
business relationships have most commonly been the pandemic period, there was a need to take The Abbotsford Business Community Coalition
built. A global pandemic which has interrupted measurable action in support of business. (ABCC) brought together the local Chamber of
economies around the globe introduced a new Commerce, Downtown Business Association,
slate of considerations for business – and with Many communities launched ‘Support local’ Indo-Canadian Business Association, University
new rules dictated by government agencies at a marketing campaigns designed to direct traffic of the Fraser Valley, Abbotsford Tech District,
Provincial and Federal level, it created a need for to local independent businesses. These included the Tourism Society, local media outlets, as well
a re-focus of our efforts. spotlight pieces in media, or websites developed as City Economic Development and external
to showcase the hours and accommodations funding and support agencies with a focus on
With investment activity interrupted, it brought to made by local merchants to still remain in creating solutions for the business community.
focus the crisis situation for many entrepreneurs operation and provide services to their clientele. The program, which pooled resources and expertise
and even long-time business owners already looked to support businesses in two ways.
invested in the community. Entire industry sectors As a City, in Abbotsford, British Columbia, we
were put on hold – airlines, hotels, amusement looked at how best we could align with the business Crossing streams, it was easy to see where the
parks, hair salons, night clubs, concerts and events community and demonstrate meaningful common ground existed across the mandates
were suspended or seriously compromised. New support for their plight beyond our continued role of the multiple organizations at the table and
health edicts for social distancing and reduced
capacity spurred the short term closure of many
independent shops and services who did not
have the space to adapt to the new measures,
or the financial capacity to implement the
needed changes. Restaurants forced to reduce
occupancy were struggling to balance the ledger
and still ensure that their business maintained
the necessary cash flow. But perhaps even more
challenging for business owners continues to be
that the timeline for a return to business as usual
is yet undetermined.

While governments were quick to respond with
stimulus programs and income assistance for
individuals who were out of work due to the pandemic
situation, and programs were announced to support
business with wage subsidies and rent allowances,
there were still a number of merchants who did
not qualify or whose needs could not be readily
20. FDI ALLIANCE INTERNATIONAL