It is very surprising, but as a matter of fact businesses of Douglas county and other prominent counties of US have reported a rise in grants and business loans.
It is happening because the FED understands the intensity of the havoc created by Covid 19. So, fund support has been increased considerably to help businesses in this tough time. The support received won't let businesses fall and they can sail through this period.
It is a survival strategy that by extending loans, businesses that are sinking can survive.
Loans are now the lifeline of business owners. They are put in front of entrepreneurs in the form of different programs. The assistance has picked up in recent times with a commitment to help those who are in need.
The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act is one program through which small businesses are been extended support. Of course, there are more and many are yet in the pipeline. Small businesses can also approach partners who have tied up with several government schemes.
Then loans can be found easily based on documents produced. Business owners just need to keep business licenses and other documents clear. It helps in easy grant of loan money.
Of course the 7(a) loans, State Small Business Credit Initiative (SSBCI), Small Business Lending Fund (SBLF), Community Development Financial Institutions Fund (CDFI Fund), are all in place to assist small businesses.
But, during this corona time, special assistance is forwarded to small businesses that need loan support. These are stimulus packages in the form of paycheck protection program, Expanded access to U.S. Small Business Administration Economic Injury Disaster Loans, Emergency grant of $10,000 to SBA Economic Injury Disaster Loan applicants.
So, business owners can make a lot of money from the supportive programs and can pay off their instant bills, check clearances, employee salaries, rent and other expenses. This will save them in this tough time from a collapse. Companies that are still operational with work from home modes will find this support extremely rewarding.Even enterprises that are in a temporary shutdown mode can keep the clock ticking by cleaning off their bills. The Covid stimulus packages are an extreme support extended to businesses to keep them afloat without sinking during this crisis time.
Small business owners of Maine, Rhode Island, Connecticut and several counties of Washington and California can apply for the several stimulus packages extended to them.
It is in this limelight that enterprises are gaining more confidence and are willing to linger on till this problem ends. As the grants fall under the disaster loan category so the qualification process is easy and the grant is made faster by SBA. It is for the knowledge of entrepreneurs that 'Economic Injury Disaster Loans' offered to small businesses is up to $2 billion. So, there is nothing that can stop a business from continuing even if it is a coronavirus pandemic.
Just have trust in the assistance that is extended to you and then your business will survive in this battle.
After the loan is awarded to an organization, then the business owner will have ample time to make returns. So, if the coronavirus ends by the end of this year, then you can still use the money to support the business you are running.
Hence, the chances of growth shall increase exponentially as then you can invest the money in other business ventures where the company can earn more profits. So, no need to wait, help your business by bringing it the loan money and it is going to give a boost to the business.
Any category business can apply for the grants in all listed eligible counties of the US.