Conversus Group professionals can guide you through the process of obtaining loans and grants during these extraordinary circumstances.
The coronavirus is causing financial difficulties for businesses across the U.S. Check out these resources you can use to obtain the emergency funding you may need, including:
- Completing SBA loan applications for disaster assistance
- City and State-wide initiatives to help small businesses obtain loans and grants
- Assistance from banks and credit card companies
- Federal small business assistance
Small Business Administration Loans
The SBA announced it would offer disaster assistance loans for up to $2 million for small businesses affected by the coronavirus. These low-interest loans are available to businesses that have sustained “substantial economic injury” due to the spread of the coronavirus.
These loans can be used to pay off outstanding debts, payroll and any other bills they are unable to pay. However, small businesses that have access to credit are not eligible. Small businesses with no available credit qualify for an interest rate of 3.75%, and nonprofits will have an interest rate of 2.75%.
The SBA’s Office of Disaster Assistance will coordinate with state governors that submit relief requests. New states and territories are approved each day, and so check here for your state and county: Check My Location.
Conversus Group can help you:
- Prepare historical and current financial statements
- Complete loan applications
- Assess qualification for loans you may be able to obtain
- Assemble all required documentation
- Submit your loan
Statewide Resources to Help Small Businesses
So far, the coronavirus has had a varying effect across different states and responses have also varied by state and even local government. The New York City Department of Small Business Services, for example, says it will offer financial assistance to small businesses in the form of loans and grants. The San Francisco Chamber of Commerce also plans to petition the government to waive fees for businesses with low margins. Washington state, the site of the earliest outbreaks, will also offer no-interest loans for businesses that encounter cash flow problems.
Conversus Group can help you:
- Prepare historical and current financial statements
- Complete loan applications
- Assess qualification for loans you may be able to obtain
- Assemble all required documentation
- Submit your loan
Assistance from Banks and Credit Card Companies
Conversus Group’s professionals can help you negotiate with banks and credit card companies to:
- Re-finance existing loans
- Re-finance credit card debt
- Obtain low or no interest credit cards for balance transfers