The process to get small business loans hasn't been easy for everyone. In our efforts to help you rebound from the coronavirus pandemic, here are some resources so you don't have to do it alone.
One resource is SCORE, a program connected with the Small Business Administration (SBA).
“There is a lot to just think about and stay on top of,” said Ken Alozie, a mentor at SCORE. “You can't do everything. And so, it's important to have to mentors and advisers who can help you decipher everything that's going on and point you in the right direction.”
Through SCORE, small business owners can get free expert-consultation. More businesses are seeking these mentors out now with COVID-19-related questions and concerns.
“I needed to feel reassured that that this is how the application process goes,” said Adam Miramon, owner of Uptown Acupuncture, LLC. “And that reassurance has helped me kind of be able to sit back a little bit and just kind of wait for the application to hit, to go through the process.”
“It was just really good to have somebody who was willing to listen to me understood what was frightening me,” said Marietta Naramore, who runs business operations and finance for Dc-Camera, LLC.
Miramon faced delays getting his Paycheck Protection Program (PPP) loan. He's still waiting to hear on his economic injury disaster loan. Meanwhile, Naramore is still waiting to be approved for a loan through the Paycheck Protection Program.
Alozie says that’s where a mentor can help.
“Get good tax advice right now. Get good legal advice, especially if you're thinking about laying off employees, keeping employees, all of that. Consult your attorney. Basically, just surround yourself with people who can help you think through things in a rational manner,” said Alozie. “It's easy to just emotionally react because you know we've never been here before.”
Alozie also says grants and local business relief programs can help. You can request a SCORE program mentor here.