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Getting Financial Assistance in Times of Crisis: Top Tips for Small Businesses

Getting Financial Assistance in Times of Crisis Top Tips for Small Businesses

Crisis affects businesses and can completely cripple a business if quick steps are not taken to remedy the situation. The good news is that a small business owner can find ways to seek financial assistance during and after a major crisis. Keep reading to learn how.

Apply for a Loan

This type of loan is called disaster relief loan. But first, find out if the government is offering such loan to small businesses. A good place to search is the chamber of commerce website or your country’s treasury website. Due to the pandemic, some countries are offering Covid-19 assistance. When you visit such websites, look out for the specific page and find out if you are eligible.

Once you confirm your eligibility, follow the on-screen prompting and kick-start the application. Usually, you would be required to fill out some details that include your business information. It will take few days to get response. But since many other businesses are applying as well, the process may be slower. But, be patient since you need the help urgently for your business. Usually, it may take two to three weeks to receive the financial assistance you applied for. But right now, it may likely take longer. You can also research private lending services through small business associations in your area.

Explore the Chamber of Commerce Website

If you are in the United States, you can also search your state’s Chamber of Commerce website. You may find financial aid for your small business on the website. Alternatively, you can explore the governor’s website – information and resources about the corona virus pandemic is usually available on the website and may include how to get financial aid as a small business. Each state may operate differently from the other in terms of the grant’s benefits.

Seek Help From Your Bank

Your bank may also be in the position to help you during the crisis. Find out if they are waiving service fees. Speak to those in charge to see if they have any special package or deal for small businesses affected by the crisis. Getting a waiver on monthly services or withdrawals can really be helpful. Read in-between lines for hidden clauses such as interest percentages or repayment – you definitely don’t want any unpleasant surprise, not this time.

Bear in mind that many banks are not working full hours due to the outbreak. So, you should call earlier and find out if you can meet one on one to discuss your business financing.

Finally, stay safe always by observing social distancing, washing your hands with clean water and soap regularly. Don’t hesitate to contact your local healthcare giver if you or people around you show symptoms of the virus infection.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.

One Response to “Getting Financial Assistance in Times of Crisis: Top Tips for Small Businesses”

  1. Wow, just making a decision for someone! That takes confidence. Perfect explanation! Thank you so much! You’re great!

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