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Smalltown Businesses: Feeling the Effects of Farm Financial Stress

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dc.contributor.author Leholm, A.G.
dc.contributor.author Ekstrom, B.L.
dc.contributor.author Bastow-Shoop, H.E.
dc.contributor.author Leistritz, F.L.
dc.rights North Dakota State University en
dc.title Smalltown Businesses: Feeling the Effects of Farm Financial Stress en
dc.type Article en
dc.source North Dakota Farm Research: Vol. 45, No. 06, pgs. 25-29 en
dc.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.
dc.date.accessioned 2009-09-23T16:03:31Z
dc.date.available 2009-09-23T16:03:31Z
dc.date.issued 2009-09-23T16:03:31Z
dc.identifier.uri http://hdl.handle.net/10365/6177
dc.date 1988 en

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