Las Vegas is infamous for entertainment, a lively atmosphere, and booming tourism industry. For years, people from all over the globe have flocked to Las Vegas for some fun. As with every other major city, COVID-19 put the city that never sleeps to a halting slumber.
As casinos, restaurants, and hotels shut down, so did a considerable portion of the city’s economic infrastructure. Las Vegas is a city where a full one-third of the local economy is in the leisure and hospitality industry. This hard-hit industry left many unemployed, which in turn hurt the small local businesses serving the community.
While Las Vegas is in the process of opening back up, it is difficult to say whether or not people will once again resume travel and continue operations “normally.” However, it is expected to once again recover, unlike one of the city’s biggest draws: conferences and conventions industry. How does this $10.5 Billion industry, according to the Las Vegas Review-Journal, recover and get back to its feet?
One of the first things the industry must do is begin looking at is how they can prioritize people’s safety, health, and well-being. This starts with their sanitation and social distancing efforts. While it may take some time to get back to the numbers they were once at, demonstrating they do have people’s best interest and empathizing with their needs is the key to gain trust. Secondly, they should start looking at what services they can offer clients looking to host hundreds or even thousands of people in a virtual setting. Although it is hard to replace that face-to-face interaction that conferences boast, looking at ways to incorporate technology and AI into their event planning can be a game-changer.
When thinking of the economy of an area, it is good to start by looking at the hundreds and thousands of small businesses that make up the community of the Las Vegas area. The one thing they all have in common is their diversity. Focusing on this aspect can help recover, revitalize, and diversify the economy as a whole. The diversification of an economy is crucial not only to help put it back on track but also to help long-term growth and sustainability.
This presents an opportunity for entrepreneurs looking to open up a business or expand existing businesses. Thinking about ways to bring new industry, technology, and services on a small or large scale is crucial for a city to begin rebuilding and strengthening its economy.
As a CDFI (Community Development Financial Institution), Prestamos is honored to work with businesses in the Las Vegas area. We are here to work with small businesses in the communities we serve to help them grow and quality job creation. We believe that small businesses are the economic engine of our communities. They are essential for our local and national economies to work and grow.
The Prestamos loan products and consulting services are designed for emerging and existing business owners. What sets Prestamos apart is our highly skilled Business Advisors, which our clients have access to at no additional cost. Our business advisors are here to help entrepreneurs in marketing, HR, accounting, website, and much more – our team is here to help you develop your business. We pride ourselves in leveling the playing field for businesses of every type and assisting communities in thriving.
Contact us today to learn more about our variety of loan products and business consulting programs to help your business grow and succeed.