Montana Bankers Warn of Shocking Number of Potential Bankruptcies

Evelyn Pyburn had some very interesting info in the latest Big Sky Business Journal Hot Sheet.

Over 71% of Billings business owners are at least somewhat concerned about the welfare of their businesses this winter according to a survey conducted by the Billings Chamber of Commerce.

Billings business owners aren't the only ones worried about the impacts that COVID-19 are having on the economy here in Montana. The Montana Bankers Association surveyed their members and found that bankers in Montana are worried that 20% of Montana businesses could end up filing for bankruptcy.

According to a press release from The Montana Bankers Association (MBA), the survey was sent out to their member's executive teams between November 18th and November 20th. They added that "more than 80% of Montana bankers who serve business customers believe additional financial assistance from the Federal government is required." Here's more from the MBA press release:

More than 37% of the 58 Montana bankers surveyed, agreed that the U.S. Congress and President should “take action now” to put in place new government financial assistance programs that will help struggling Montana businesses.  They agreed that “this is just as serious, possibly more so, than the March/April 2020 shut down.”  More than 44% of the bankers survey indicated that the previously implemented financial assistance were “very useful.”  They agreed that additional financial assistance is necessary for some of their business customers, help that they hope will come “sooner than later, but we are not at a crisis point.”  Less than 18% of the Montana bankers surveyed agreed that their customers are “doing fine” and no additional financial assistance is required from the government (Q2).  

 

 

 Click here to access the MBA's COVID-19 resources on their website.