6 sources of business financial support during coronavirus

Posted in Business

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Here are six places to look for financial support for your business during the COVID-19 pandemic.

1. Your bank or lender.

Many banks across America are now offering assistance to customers affected by COVID-19, including personalized assistance, payment deferrals, reduced interest rates and the reduction or removal of fees or closing costs. Contact your bank or lender to learn what assistance is available for your business.

2. The government.

Small businesses that qualify can apply for an Economic Injury Disaster Loan through the U.S. Small Business Administration (SBA). Bring in your company’s legal counsel to help walk you through the loan application process and help explain the details of the loan, so you understand the terms and conditions and what to expect.

Your organization may also qualify for grants. Explore your options and apply for financial assistance when you qualify.

3. Your insurance provider.

Similar to banks, insurance companies are also offering assistance to customers affected by COVID-19. Most are supporting customers affected by COVID-19 by offering a payment deferral and temporarily suspending cancellations of policies due to nonpayment. Some carriers are also expanding coverage to support businesses, such as offering commercial auto coverage to restaurants that need to deliver food. Speak with your insurance agent, tell them if COVID-19 has changed your business, and see what kind of assistance is available.

 
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4. Your customers or donors.

Your customers want to see you stay in business, so give them a way to help you. Reach out to your customer email list or social media networks and encourage customers to buy gift cards or gift certificates that they can use when you’re back in business. If you’re a non-profit, ask for donations and emphasize how your services are supporting the community right now.

5. Your vendors, suppliers or other business partners.

We’re all in this together. Work with your vendors and suppliers to determine what you can do to help support each other through this crisis — whether it’s adjusting your interactions to practice social distancing and help protect employees, taking a pause, reducing volume, developing a payment plan, or even finding a way to co-advertise, sponsor or donate to increase the visibility of your businesses and brands. Look for both straight-forward and creative solutions to help strengthen your business and protect your partnership.

6. Your products and services — evolved.

It’s time to promote your digital products or services — or to look for ways to adapt your physical products and in-person services to fit our new socially distant and digital lives or to serve the current needs of the pandemic, like making protective gear for hospitals. Can you sell your physical products using an online store on your website? Could you sell your customers virtual one-on-one consultations to help them solve their problem from home? Your customers still have problems that they’re trying to solve that your business can help fix. Find out what your customers need and explore how your business can deliver a solution that fits their new way of life.

References:
- American Bankers Association
- U.S. Small Business Administration

This article is for informational and suggestion purposes only. If you have questions about your Grange business insurance coverage, speak with your independent insurance agent.


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