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Smalltown Businesses: Feeling the Effects of Farm Financial Stress

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Title: Smalltown Businesses: Feeling the Effects of Farm Financial Stress
Author: Leholm, A.G.; Ekstrom, B.L.; Bastow-Shoop, H.E.; Leistritz, F.L.
Description: In 1988, North Dakota had the largest number of agriculturally related counties in the US. Three -fourths of the counties were agriculturally dependent. Agriculture accounted for 44% of the state's economic base. Given this, having an agriculturally intensive sector impacts the viability of the community and it's businesses. North Dakota experienced a recession from 1980-86 in retail sales down 17%. How closely do retail sales mirror the ups and downs in agriculture? The loss of revenue in agriculture results in a loss in retail. This leads to job losses. An economic downturn in agriculture produces job losses in farming as well. To learn more about this, a study was conducted via surveys given in 6 communities. In economically depressed rural areas, programs aimed at assisting communities to retain their existing businesses may require approaches that emphasize community wide involvement. Small businesses in these areas would need to reevaluate their operations to improve cost effectiveness overall and to consider advertising. and perhaps buying and sharing in bulk purchases with other small business owners to lessen the cost of inventory. Rural communities themselves need to become proactive in attracting new businesses and creating an environment to entice such.
Date: 1988
Permalink: http://hdl.handle.net/10365/6177

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