Getting Business Finance and Help at Your Local Level

6. April 2020 10:38

By: Laurie Wolff, Certified Global Business Professional

So far in my blogs we’ve focused on small business resources available at the national level through the CARES stimulus package. Where else can you get help? Almost certainly your state has programs available to assist small business. Many states are offering zero interest or low interest loans to businesses that qualify. There are funding pools available in some metropolitan areas or parts of states.

For example, the state of Illinois has several programs for businesses, some limited to Chicago, some to outside the Chicago area. California has state wide programs, and specific areas such as Sacramento and San Francisco have their own programs.

I live in St. Louis and our local tech incubator, which does lots of small business development, is networking and sharing links for a variety of regional programs. Your local Small Business Development Center (SBDC) or economic development office will have the best information about programs available just for firms in your area as well as state wide or national programs.

If you haven’t made a relationship with them before, now is a good time to get networked with other businesses in your community. I’m sure District Export Councils and Chambers of Commerce are also trying to identify and share resources with their members. Local business communities and business assistance centers are pulling together to help get us through this pandemic induced economic crisis.

Private lenders, both traditional and the “fin tech” nontraditional lenders, are also offering help. Our new era of “fin tech” where nontraditional lenders and payment mechanisms have grown rapidly is both good and bad—there are new sources for funds and new abilities to move them rapidly, but there is also more possibilities for fraud and for nontraditional intermediaries to have liquidity issues. Exercise caution.

Do due diligence before you agree to anything. And, don’t forget that the government resources may be grants, which directly contribute to your bottom line, even if they might take longer to access.

I plan to talk with you about exporting when we meet in Atlanta at IWF 2020, but in the meanwhile I’m happy to answer questions and make referrals to resources, whatever will help you move forward with your business.

Reach Laurie Wolff c/o IWFNetworkNews@iwfatlanta.com

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