Kennels in trouble thanks to credit crunch
We’re all aware of how the credit crunch and ensuing global financial crisis has affected and continues to affect businesses, however, we seem to forget how it impacts on even smaller businesses.
One of my local dog kennels is closing down and the owner is blaming it on the credit crunch. Not only are people putting off holidays, but when they do take their holiday they are minimising the cost as much as possible so instead of putting their dogs into a dog kennel they are trying friends and family and even paying them a little cash instead.
The owner did say that she has been through tough times like this before, but with the cost of the upkeep of the dog kennels, which need refurbishing or replacing every few years, it is proving really difficult at the moment. Personal loans are also hard to come by right now, so she cannot even take out a personal loan to see her through to the summer, which is her usual peak time and when she would normally make up for the winter. I guess it’s been a long winter for an awful lot of companies and it certainly isn’t over yet! You can’t blame people for wanting to save money but how many dog kennels will be left at the end of the recession if money is not circulating through the economy thanks to banks that won’t lend on mortgages or personal loans because they wish to hold onto their ‘government rescue money’ just to make their balance sheets look better!
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