Small Businesses ONLY!

by | Apr 30, 2021 | Money Monday's | 0 comments

Yesterday I received an alarming response on my first blog post Legitimizing your Life. The bad news is that the SBA is no longer accepting applications for the grants that I received (as of TODAY). The good news is that I was on a zoom yesterday and they have created a full list that is updated daily for resource due to COVID-19. As you can imagine the list is lengthy, below are some notable links for small businesses.

Zero-interest loan program for small businesses affected by COVID-19

The St. Louis Economic Development Partnership, the St. Louis Development Corporation, The St. Louis County Port Authority, and a coalition of 10 St. Louis banks are offering a zero-loan program* for small businesses in the city of St. Louis and St. Louis County. I applied for this loan yesterday and it was straight forward, make sure you have all your important business documents handy (EIN, date inc., tax returns, etc.) To obtain a zero-interest loan, businesses must be current on all taxes through 2018, be in good standing with state and local governments, and have been in business for at least one year. 

Missouri SBDC Business Consulting

Missouri SBDC is offering one-on-one confidential consulting for businesses. They’re available to assist you by email, phone, or videoconferencing. Their consulting services include but are not limited to the following:

  • Up-to-date COVID-19 SBA disaster information for small businesses
  • Cash flow analysis
  • Local, state, and federal resource information
  • Long-term strategic planning
  • Executive coaching from certified coaches to help during these stressful times

My price for this type of business consultation will run you at a premium of $199 and up. Don’t sleep on free services as they can add value to the company.

Verizon Small Business Recovery Fund

LISC will use the Verizon funding to provide grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19—especially entrepreneurs of color, women-owned businesses, and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital.

SBA Debt Relief

The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months or those issued prior to September 27, 2020. That means if you get a qualified business loan the SBA will pay for 6 months. In my situation, I already have a qualified loan and my bank sent me a letter saying that the SBA will automatically pay my loan ($504) for the next 6 months that’s a 3K value. Now will be a good time to get a business loan if you need one.

The majority of these loans and grants require you to have tax returns and registration with the state. Be sure you look at the requirements for funding before applying to save yourself the disappointment.

The link below is courtesy of STL Partnership. They have sent me an extensive list of different resources for small businesses.

COVID-19 Resources for Small Businesses