Small Business Loans & Resources
in Times of Coronavirus (COVID-19)
Small Business Loans & Resources: What You Need to Know
SmartBiz Loans works with small business owners every day to help them get the funding they need to expand and save money. As the coronavirus impacts our country, we want to provide you with information to help you mitigate the effects of this pandemic.
In addition to following daily local and federal government updates, there are new resources available to help entrepreneurs impacted. Here’s information that may be of assistance.
Actions small business owners can take now
The SmartBiz team is committed to updating frequently so please keep checking this COVID-19 resource center for the latest information. We’ll keep you informed as the small business landscape evolves and present a host of strategies you can use to help you stay strong during this pandemic.
As developments are frequently updated, stay informed daily by following sources like the Centers for Disease Control and Prevention (CDC), World Health Organization (WHO), and your local government health department.
Follow the following health organizations:
Updates are available via television, radio, and social media platforms. Sign up for alerts so you’ll know when live press conferences are happening.
The government has prepared a comprehensive list of actions every American should take to slow the spread of the coronavirus. Information includes what to do if you feel sick, if your children are sick, if you’re an older person, or a person with an underlying condition.
Coronavirus Guidelines for America
FEMA, the Federal Emergency Management Agency, has a great page of information to combat rumors about the coronavirus pandemic. You’ll learn details like those at risk, stockpiling supplies and groceries, and more.
FEMA Coronavirus Rumor Control
New resources to help small businesses
National government actions
Small business owners should pay close attention to actions the government is taking to support them. Senator Mitch McConnell's relief bill is called the CARES Act (Coronavirus Aide, Relief & Economic Security). The aim is to provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic.
Learn more about the CARES Act
Senator Marco Rubio made the following announcement on Twitter:
Our goal is that as many small businesses as possible will be able to go to their existing bank,if they agree to participate,and get the cash they need to make payroll & business rent/lease & if they use it for that purpose not have to pay it back. pic.twitter.com/1uML9sVFHa— Marco Rubio (@marcorubio) March 19, 2020
Contact your government representatives
At this time, there’s important legislation being introduced for small business relief. Contact your local representatives to let them know how this will impact you and encourage their support.
Find Local and State Representatives
Federal, state and local government resources:
Here are links to help you stay on top of development news, updated small business information and your government representatives.
Watch Federal Briefings and Scheduled Briefings (White House Live)
Recent Federal Guidance (as of March 15)
Public Health Communicators Guide
Opportunities to take action
Support other small businesses
If you need food or other important supplies from companies still up and running, consider working with another small business in your area. It’s a good time to forge community relationships to support each other beyond these times. Restaurants are one of the hardest hit industries. If you own a restaurant, share this important resource put together by Open Table.
How to Support Restaurants Through COVID-19
Continue to communicate with customers
If you have a mailing list, consider sending out regular emails or newsletters about your business and how you are addressing the events impacting your business. If you’re still offering products or services online, consider running a special, bundling products, or offering buy one get one deals.
Refresh your website and social media channels
When you’re in the middle of running a busy business, you might not have time to review your online presence. Now is a great time to make sure your photos are clear and relevant, you have the correct product and pricing info, and you’ve provided customers with information about your business operations during this time. If you have social media channels, continue to post fresh and relevant content regularly.
Review your online security systems
It’s important to stay on top of the digital security tools you have in place. This is especially important if you now have employees working remotely from home. The article below gives steps you can take to protect your business. You’ll learn how to analyze risk, use a VPN, and the importance of updating software.
A Guide to Internet Security for Small Businesses
Sign petitions / call government representatives
According to data gathered, coronavirus-related petitions on Change.org have cumulatively attracted over 3.5 million signatures from concerned users. You don’t have to sign every petition that comes your way, but if there is a concern that directly affects your business, add your name. Petitions can make a difference. Additionally, as governments address this crisis, opportunities for input come up. If you’re feeling strongly about an issue, don’t be afraid to pick up the phone and call your local representatives.
SBA Disaster Loan Information
The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters.
SBA Disaster Loans Information
SBA disaster loans are provided by the government directly and are only available in designated disaster areas, determined at the state level. The SBA reports that disaster loans are for the very most impacted businesses with no access to any other options. The SBA reports wait times for disaster loans were three weeks as of March 16th and are likely to get longer as more small businesses apply.
List of states affected
SBA 7(a) Lending Information
SmartBiz is committed to small business funding. Our blog has resources you can use to answer questions you may have at this time
SmartBiz is Open For Business: Funding Available
Comprehensive information about SBA 7(a) loans and how funds can impact a business positively.
SBA Loans: The Best Option to Fund Your Business
The loan process and steps you can take to increase the likelihood of approval
How to Get an SBA Loan
SmartBiz Loans is working closely with the SBA and our bank network to offer the types of loans outlined in the CARES Act to customers ASAP. We’ve specialized in facilitating SBA loans since 2013. Our customer service reviews are top-notch and the knowledgeable SmartBiz staff is on hand to answer any questions.
Proceeds from a low-cost SBA loan or other financing solution you can obtain from banks in the SmartBiz network can be used to strengthen your business. Funds can be used for working capital, to shore up cash flow, or for savings on refinancing high-cost debt.
Some businesses, like online retailers or health-related companies might experience an uptick in business. In that case, funds can be used for inventory, equipment purchases, marketing or even for hiring to handle additional day-to-day duties.
If you need funding now
SmartBiz has a streamlined application process and you can get funds as fast as 7 days after your application is completed and approved by a bank on our network of lenders. Use our secure software to see if you pre-qualify with a lender in our network in less than 5 minutes without impacting your credit score.*
SBA 7(a) Loans
SBA loans have low rates, long repayment terms, and low monthly payments. SBA loans are known as the gold standard for small business owners who want to expand. Funds from these loans can be used in a multitude of ways to strengthen a small business.
Bank Term loans
A Bank Term loan from lenders in the SmartBiz network is a medium-term, fixed-rate loan with stable monthly payments. These loans are a great fit for many businesses that want a bank loan quickly. The same streamlined process is used for term loans through banks in the SmartBiz network.
More financing options
You might want to explore other types of financing if you’re in a specialized industry, your credit scores aren’t where they need to be, if you run a newer business, or if you don’t yet have the revenue required for an SBA or Bank Term loan.
If you’ve determined that additional funds can help your business, start an application with SmartBiz Loans. The SmartBiz team is ready to help you access the right funding at the right time.
*We conduct a soft credit pull that will not affect your credit score. However, in processing your loan application, the lenders with whom we work will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and happens after your application is in the funding process and matched with a lender who is likely to fund your loan.