Apr 1, 2009

Riding out the recessionBy Steve Pease, Anna Pratt, Tiffany Smith and Jeremy StrattonReadtheBridge.info

Last October, then-presidential candidate Barack Obama acknowledged the vital role small businesses play in the economy, citing Small Business Administration (SBA) statistics when he said: “Small businesses employ half of the workers in the private sector in this country and account for the majority of the job growth.”

In South and Southeast Minneapolis, some of those businesses are hurting. People are cutting back on non-essentials and high-buck purchases, and the times have claimed some local casualties — like Global Village, a staple on the West Bank for nearly 40 year. Some surviving businesses have cut staff and, in turn, have seen more people looking for work.

The news is not all bad, however. While shops have closed their doors, others have opened anew, even since the economic collapse in September. And if essentials are still in, they seem to include a concert, that morning cup of coffee and socializing at moderately priced restaurants and bars.

In March, Bridge reporters talked with dozens of area businesses about if and how the economy is affecting them. The sample revealed specific effects all over the map but did show some trends.

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