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With small businesses employing approximately 47.5 percent of the American workforce and being responsible for 44 percent of economic activity in the country, the heightened risk of closure that they are currently facing could be catastrophic for many reasons. While Eagle County has launched updated business toolkits and Vail has launched initiatives like the $1 million rent relief for small businesses, there remains a lot more to do if small businesses in the community are to survive. For many of them, the business losses have been too great. With little income coming in for the last six months, many are left seeking financial help to navigate these difficult times.
Eagle County’s Community Bank Loan And Recovery Programs
Many of the community banks in Eagle County are now offering loan deferrals and recovery programs to help small businesses stay afloat during these times or cope with their outstanding debts. Amongst the participating banks are Alpine Bank, Wells Fargo, and the Community Bank of Colorado. At Alpine, they are offering loan deferrals for 90 days, while Wells Fargo is offering loan deferrals for pre-existing SBA clients. For small businesses seeking a loan because of lost revenue, the Community Bank Of Colorado can assist with applying for an SBA Emergency Injury Disaster Loan or an Express Bridge Loan. The Express Bridge program is designed to give small businesses rapid access to up to $25,000 as long as they have a pre-existing relationship with an Express lender.
Traditional Financing With A Personal Or Business Loan
Small business owners can also explore traditional financing options to improve their cash flow. One option is to apply for a personal loan, most of which do not require collateral. However, business owners should also be wary of using personal loans in business. While most unsecured or personal loans require no collateral, they also mean increased personal liability and a direct effect on personal credit. However, if you do have a good credit rating, most applicants can access competitive interest rates. Another advantage is the increased flexibility and variety of loans on offer. One glance at the best unsecured loans at Crediful.com, and you can easily compare the eligibility criteria for personal loans before applying, even if your credit is less than perfect.
Colorado’s Alternative Funding Programs For Small Businesses
Small businesses looking to restart their operations can also access alternative funding if they do not qualify for federal financing options. One good example is the Northwest Loan Fund that provides businesses in the nine Northwest counties between $5,000 and $50,000. There may be a 2 percent fee after the loan is closed. Another great alternative financing program is the Greenline Ventures Emergency Microloan program, which is aimed at supporting female or minority-owned small businesses. Repaid over five years, the program offers loans up to $50,000 and charges no interest or principal payments in the first six months in a bid to give businesses a chance to regain their footing. The Colorado Office of Economic Development &International Trade has published a useful spreadsheet of all available alternative funding programs, including these mentioned, available to small businesses in Eagle County and surrounding counties.
It is also worthwhile mentioning that small businesses should try curtailing their expenses during their bid to recover from a prolonged loss of income. This includes eradicating stockpiling and excess inventory, unnecessary overheads, and in some cases, reducing the hours of their workforce. During these times, small businesses are also advised against securing high-interest financings such as installment loans or credit cards. If you are confused about the right funding options for your small business’ recovery, it may be time to speak to a financial advisor or specialty banker. They can help you with a quick assessment of your business’ financial position and provide relevant advice.