Confidence among Murray-Riverina businesses fell in the March quarter due to the January border closure.
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Business NSW regional manger Anthony McFarlane said many owners would also be nervous now JobKeeper had ended.
"We've got to wait a bit longer to see the impacts flow through," he said.
"We're not yet experiencing a major influx of businesses going into insolvency but for certain industries still facing government restrictions like the tourism and the entertainment industry, future patronage is going to be very important in terms of their livelihood."
Mr McFarlane said one of the best things residents could do to support Border businesses was to continue to spend locally.
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"Supporting businesses through Dine and Discover [vouchers] is a great avenue to do that," he said.
"Based on data up to March 31, what we see if if people get out and use Dine and Discover vouchers, they usually spend $10 to $15 more [above the voucher amount]. It gives businesses probably a 40 to 60 per cent uplift above the voucher spend itself."
Mr McFarlane said NSW small businesses who meet certain criteria can apply for $1500 to offset the costs of NSW and local government fees - everything from liquor licences to council rates.
He said while the hospitality and visitor-based businesses were still in flux, the manufacturing, construction and agricultural sectors were very strong. However, they face their own difficulties with skills and some material in short supply or particularly costly to source.
Mr McFarlane expects business confidence to return if governments continue to ease restrictions.
"Greenshoots are definitely appearing," he said. "We've seen when governments ease restrictions and get out of the way businesses can flourish."