While many unknown facts remain to be discovered about the coronavirus, it’s still unclear how it will impact the small businesses. But one thing is clear that there is no shortage of people gathering around local businesses.
With that in mind, experts and business leaders are sharing their insights on the web and social media to support those who need direction right now. We are searching the internet to find you the most valuable information to assist you in navigating these unpredictable times.
Financial resources for small business owners
Whether you are looking at fewer customers, having difficulties with payroll, or encountering any other financial concerns, there are multiple resources to help you. As the governments work on stimulus packages to support small businesses and employees, we found some additional financial resources that small businesses can utilize.
Depending on where you reside, your business can seek a small business recovery loan from your city or state. You are eligible to receive zero-interest loans to help your small business affected by COVID-19.
Since federal or state compensation may not be a suitable option for a few small business owners, we contacted members of the community to see what other financial support options are available.
- SBDCs and SCORE: Your small business development center or score office can provide free assistance, including recovery services and disaster prevention.
- National Foundation for Credit Counseling: Non-profit credit counseling agencies can assist you by assessing your situation and presenting options for settling back your debt. You may be qualified for reduced payments on a few of your credit cards (personal credit cards only).
- Small business grants: Anyone affected by the epidemic may want to reconsider applying for a small business grant. For example, Facebook is offering $100 million in cash grants in cash. There are several other grant programs like these that may be worth considering.
Alternative business solutions to keep your company afloat
In this current self-quarantined environment, we found out multiple small businesses are taking a creative strategy to change how they do business. We came across several out-of-the-box business solutions that your business might be able to learn from.
Online ordering and delivery:
One alternate business idea is to allow online ordering and set up a delivery option. Numerous companies are already turning to this option to enable customers to keep purchasing their products while living safely quarantined. If you are unable to deliver products or services on your own, partner up with a delivery service.
Conduct your business virtually:
Technology has allowed many companies to survive and continue operations during the COVID-19 outbreak. Take the help of the internet by enabling virtual consultations and services.
Change the model:
During times of disaster, it is essential to shift your business model altogether to keep your business afloat. Identify ways that you can adjust your business model to implement your core goods or services more beneficially.
If you have other thoughts or advice on how to support small businesses during this time, we encourage you to join the GoFounders.net. Experts from across the globe are sharing their ideas, so don’t hesitate to jump in and contribute to the discussion.