WISCONSIN (SPECTRUM NEWS) -- Wisconsin has over 450,000 small businesses, which employs 1.3 million people - according to the Small Business Association. The economic crunch of the Coronavirus has left many looking for help. Many small businesses across the state are closed or working fewer hours, creating an economic strain on owners.
The Small Business Development Center says step one is to buy some time.
“If you can buy a few months time by getting people to defer, your lenders to defer some of your payments, you’ll be able to make much wiser decisions as some of these programs become available,” said Bon Wikenheiser, the SBDC State Director.
Colleen Merrill of the Small Business Development Center in Oshkosh has been busy helping businesses navigate their options.
“Everybody really needs to think about the next ninety days. What kind of cash flow do you have? How do you keep your doors open? How do you keep yourself afloat? Our goal is to keep you in business,” said Merrill.
The SBDC is a free confidential service for small businesses.
I want everyone to know that they’re not alone. There is tremendous support in your local community, in the state and in the federal government. There are resources,” said Merrill.
One option that businesses can take action on right away is the SBA Disaster Loan. Businesses can secure up to $2million. The duration of the loan can be as long as 30 years and payments may be deferred up to 12 months. The SBA encourages businesses to start the loan process now.
“You have six months to take the loan. So if you find a couple months down the road you still really need it, then you’d be able to take it. I think it’s a good move for anybody,” said Shirah Apple of the SBA.
The SBA also conducts webinars about the loan and has a pre-recorded version on their website as well.
The SBA estimates it takes up to four weeks from application to a business receiving their money.
“It gives you something you can do now. It also gets you to fill out some documents that can be helpful for the SBDC consultant to start to work with you,” said Wikenheiser.
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