(CBS4) – Fallout from the coronavirus has already started impacting small businesses in Colorado.
“It’s spreading rapidly and it’s creating a lot of fear around it,” said Karen Gerwitz.
Gerwitz in the President of World Trade Center Denver, an international business networking company.
“It’s creating uncertainty and uncertainty is probably the number one ingredient you don’t want in international business,” she said.
Conferences and trade shows have been cancelled.
Manufacturing is slowing down, affecting supply chains.
And for businesses, finding a new place to get your supplies isn’t simple.
“To build out a supply chain could take months before you actually find the right reliable source, can vet them and make sure you’ve done your due diligence on that source, and then to make sure that they can meet demand,” said Gerwitz.
Tripp Lake, a Denver lawyer specializing in Intellectual Property, is also concerned with what this could mean to the integrity of the products we buy.
“The question is: Will there be an increase of counterfeit goods coming into the US that’s sort of filling the void that’s created by the decrease in legitimate manufacturing?” he asked.
Sales are down in the first quarter and Gerwitz says that could have a direct impact on Colorado’s workforce.
“Today, 1 in 5 jobs is dedicated to international trade, has come about because of international trade, so I am concerned what this will do to the jobs of people in Colorado,” said Gerwitz.