Every single business sector across the country and across the world has felt the disastrous effects of the novel COVID-19 strain of the coronavirus. The number of cases is rising by the day as an increasing number of travel bans and social distancing regulations are put in place.
Small to medium-sized businesses and technology dealers are already beginning to see the effects the virus is playing in terms of their businesses. To help pull through this situation and elevate business to the new definition of normal, here are three disaster relief tips to help dealers stay afloat during the pandemic.
1. U.S. Small Business Administration (SBA) Disaster Assistance Loan
In order to help small businesses and organizations get back to work, The U.S. Small Business Administration is offering all small business owners in all U.S. states and territories the eligibility to apply for low-interest business loans. As a result of the Coronavirus Preparedness and Response Supplemental Appropriations Act, you can gain access to loans in excess of $10,000.
The goal of these loans is to help business owners in need and help stimulate business operations that are experiencing a temporary loss of revenue. Once business owners apply for this loan and are approved, funds become available within three days.
2. SBA Express Bridge Loans
In addition to the Disaster Assistance Loan, the U.S. Small Business Administration also created an express bridge loan pilot program. This program is for small to medium-sized businesses (SMBs) who currently have a business relationship with an SBA Express Lender, which can give them access to upwards of $25,000 in loans with less paperwork for the businessowners.
These loans can be created as a term loan or can provide a fast turnaround that bridges the gap while applying for a direct SBA Economic Injury Disaster Loan. The intent of this program is to provide vital economic support to SMBs and help them overcome the temporary loss of revenue many businesses across virtually all sectors are feeling.
If your business is interested in this loan, connect with your local SBA District Office to help you and your business find an Express Bridge Loan Lender, or via SBA’s Lender Match Tool.
3. Disaster Recovery Checklist
Recovering from the effects of the COVID-19 pandemic will no doubt take time. However, with a checklist in mind, making the first steps to recovery can come easier to your business than expected. Here are some key points to include on your disaster recovery checklist:
- Contact your key customers and suppliers to advise them on how your business has been affected. This keeps them in the loop and sets you up for success in the future.
- Let these customers and suppliers know that you’ll notify them when you’re ready to continue business and if there will be any delay in orders.
- Contact your lender and accountant to update them on your financial situation. If you need advice on this, they can be an excellent resource to help you figure out how to budget.
- Evaluate the state of your business. Following a checklist such as this one can help you answer the basic questions about your operation and get you moving in the right direction.
- Do a SWOT analysis of your business in terms of how you were operating before the disaster. You can identify the strengths, weaknesses, opportunities, and threats of business practices, which can help you better run your business after the disaster.
- Conduct a market evaluation. Ask yourself questions such as how has your industry been affected by the coronavirus? Are there new opportunities for your business as a result? How will the market operate post-disaster?
- Build a business plan. After asking yourself the questions listed above you can better develop a business plan for your operations post-disaster. Following these tips can help you take a step back and evaluate what it is your business really needs and how you can find success on the other side of a disaster.
Disaster relief tips in action:
The truth is no one knows your business the same way you do. Despite the overall global business climate, your goal is to find success across your industry. Keep in mind, we are all in this together and will come out stronger than ever before once the global pandemic ends. Contact Touch Dynamic to help your customers implement curbside to-go operations utilizing technology like the rugged Quest VIII Tablet.
