They Burnt Through That COVID-19 Small Business Funding QUICK…Now What?
Updates about these programs can be found here.
Well, what the heck am I going to do now? What’s the best step I can take as a small business owner RIGHT NOW that will ensure that my small business is alive this time next year or even next month for that matter? Do I wait to see if Congress passes more COVID-19 stimulus money and I get in on the next wave of loan program funding? Do I even have the luxury of waiting because my rent is due soon, I’m paying my employees from personal funds, and I still don’t know exactly when they are going to lift the “stay at home” order in my state? I can’t even see the light at the end of this whole COVID-19 crazy tunnel!
Ivanhoe Capital Advisors (ICA) has been helping small to mid-size businesses and investors for over 35 years survive these types of challenging financial times and this is the biggest challenge we all have ever faced… and the 2008 housing crisis was no picnic! Remember though, “Tough Times never out last Tough People” and we’re in this together!
We built our business back in the early 1980’s by providing consulting services for businesses that were experiencing cash flow challenges. Our advisory services have helped 1000’s of businesses just like yours from manufacturers, contractors, restaurant owners, health care service providers, IT, even apartment building owners. There really isn’t any industry that we have not helped!
Earlier this month LendingTree published a survey finding that 8 out of 10 business owners had no idea where to get either emergency funding or a traditional loan necessary for their business needs during this pandemic. The questions of “Who’s lending? Does my business need to be open to qualify for lending? Is there any lending aid for businesses currently? Can you please help us?!”
In addition, the LendingTree survey also stated that “69% of small business owners do not have enough cash on hand to sustain their business for the next 90 days.” The fact that so many businesses throughout the U.S.A need help desperately, and they don’t know where to turn for this help, has created a mass hysteria this country has never seen!
Since March of 2020, in anticipation of the CARES Act, Ivanhoe Capital Advisors instantly started providing help to businesses with advice regarding both the Economic Injury Disaster Program (EDIL) and the Payroll Protection Program (PPP), helping secure funding in both programs.
Now that our Government has already run out of money in the PPP program, we face the next challenge. What happens to all the businesses which did not get funding? Where is Congress with passing the next COVID-19 stimulus program? Will there be available funding? ICA is here to help you, so if you have any questions on what your next steps should be, please reach out to us!
A commercial cleaning company owner we spoke to just last week has seen his business decrease by 80% since the stay-at-home orders were issued in his state. Now with the talk of their state relaxing the quarantine, they have been receiving phone calls from businesses who need to have their facility deep-cleaned to allow their employees to enter the building again. The problem is they have used up all their cash to just get by for the last 45 days and now are in need of working capital to buy inventory and supplies just to start working again. We were able to secure them a small line of credit to accomplish this necessary funding. This is just one example of how we can help you. Please reach out to us and let us know what financial needs YOUR business has!
Banks & Investors Are Still Lending!
We are working with our direct lenders to secure needed operating capital for businesses and investors utilizing the following programs:
- Unsecured Business Lines of Credit
- SBA Express Loans
- SBA 7(a) Term Loan Working Capital Loans
- Inventory Loans
- Accounts Receivable Financing
- Purchase Order Financing
- Bridge Financing on Real Estate
- Growth Capital – for business that are not facing hardship