Funding Options for Small Business Survival Post COVID

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COVID-19 has impacted almost everyone, but if you have a small business you can apply for SBA loans to help your business recover from the pandemic. These loans should be able to help your business tread water until it can re-open, and there might be enough money for you to invest for the future as well.

How do you get a small business loan? How will you pay it back when the time comes? There are a lot of things to consider as you work to help your business survive in the world after the pandemic ends. 

Don't Panic

COVID-19 has turned the world on end in more ways than one. Your small business is likely suffering, you might not be able to pay the bills, and you risk your employees needing to go on unemployment. It's OK though, as there are funding options that can help you. Reach out to Become today to inquire about applying for a small business loan. A team of experts is on hand to help your business during these difficult times.

SBA Loans should be the Top Choice

You are most likely eligible for a small business loan that Become can help you apply for. These loans will be available for a while, so you do not need to rush your application. This is going to be the easiest way for you to acquire funds to keep your business afloat during the pandemic. The good thing is that you might be eligible for an unsecured loan, which means it doesn't matter what your credit was, only what the value of your business is. So, even if you had some financial difficulty before the pandemic hit, you can still be eligible for financial assistance, and should not hesitate to apply.

Government funding

You can also check with your local, state, and federal government to see if you are eligible for any COVID-19 related government assistance.  At minimum, your employees should be eligible for federal unemployment if you needed to furlough them during the pandemic. Depending on where your business is located, you might be eligible for a rescue loan as a result of COVID-19.

What about the future?

How can you not only keep your business afloat but also position for success when the pandemic is behind us? The small business loan is key. Once you know how much money you are eligible for, give it some thought as to how to best spend it. First things first, use the loan to pay off any immediate bills and debts. Do you have anything left over? If you do, think about ways in which you can use this time and money to increase your profit margins when you re-open.

Webinars

There are a lot of online webinars specifically geared towards business owners during the pandemic. Most business owners are in the same boat; most have been shut down for a period of time, which means they have less money than usual, but more time than usual. Look into online webinars and other educational resources. Accessing resources right now is more than just about the money. What else can you access that can help your business now and in the future?