Over a third of merchants reported that increased access to capital was one of the top priorities for their business. Money for Physical Improvements and Hiring Additional Employees are top priorities for businesses. These were the top two needs identified when merchants were asked how they would use additional financial resources, such as a bank or Small Business Administration loan. Crime and a lack of sanitation continue to be major problems for businesses. Merchants also singled out burglary, drug dealing, and loitering as the type of crimes or activities that adversely affect their businesses.
Merchants recognize that larger economic issues are impacting their businesses.
Merchants reported that creating housing and job opportunities, and attracting new businesses to vacant storefronts are all essential components to the neighborhood's revitalization and the creation of a larger customer base. In addition to the obvious conclusion about the need for additional financial resources, our findings also reflect some of the psychological barriers that need to be overcome in a commercial revitalization effort. For example, the lack of networking, the absence of collective action, and the complacency with city-provided services indicate that merchants may have low expectations and some trust issues among themselves and with outsiders. However, many of the strengths identified by last year's study continue to exist and serve as important reminder that there are assets upon which commercial revitalization can be built. These include the tenure of businesses along the commercial corridors, the high level of property ownership that houses their business, and the desire for expansion.