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Managing a Small Business During and Post COVID-19

Managing a Small Business During and Post COVID-19

October 14, 2020

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By Barry Terry

It’s no secret that COVID-19 has created a very challenging business environment. This is especially true for small businesses. Sadly, many small businesses have already been forced to close during the pandemic due to their fragile finances, including limited cash reserves and often few or no established financial relationships. If you are a small business owner that has so far managed to survive, but have ongoing concerns about the business environment, we invite you to learn more about the broad range of experience, insight and network of small business resources available to you at Sand Hill. As an employee-owned organization, Sand Hill understands entrepreneurs’ needs, and we are driven to help you succeed.

Funds Still Available

There are banks that focus on small businesses that can offer unique funding options. For example, in addition to more conventional business loans, some banks have access to funds through the Federal Reserve’s “Main Street Lending Program”. Additionally—and this is subject to the Small Business Administration (SBA) program receiving more funding—there are preferred SBA lenders that may accept new applications. You need to act now and start the process.

Whether you need financial help now or not, in our view, one of your key relationships should be with a banker. Most small businesses use a bank for their basic financial needs, including checking accounts, credit card processing or bill paying. You should explore the much broader range of services that are available. 

Unfortunately, not all bankers tend to be proactive, so it is up to you to take the initiative. If you already have a banking relationship, make sure you strengthen it. Schedule annual (or more frequent) meetings with your banker. By maintaining ongoing contact, you can be more confident that you will be able to rely on them when needed. If, despite your efforts, you don’t feel your bank can provide the support that you need, now would be the time to begin the search for a bank that truly understands small business. Furthermore, your bank should be one that is accepting clients for the Main Street program, or one that is funding through the SBA. Obviously, we can’t guarantee that you will get the money or type of loan you require, but we are happy to introduce you to a banker that understands the needs of the small business owner.

It Will Take a Team

So far, we have addressed the need for a strong banking relationship. That said, a banking relationship is just one of the many important resources and partnerships that the small business owner needs to succeed.      

At Sand Hill, we can help you develop and maximize the benefits available through numerous small business resources. Whether you have yet to start your business but are answering the call to be your own boss with an idea to change the world, or you simply want to preserve and improve an existing business, we can help you meet these needs. We have a long history of dealing with startups and succession planning. Of course, we also have a long list of resources that can help with each stage of your business growth. Whether you are currently a client or not, we invite you to take advantage of our wealth of experience, insight and network connections. It can begin with a conversation with one of our Wealth Managers about your current situation, so as to gain insight into how we might help.

Source: www.federalreserveboard.gov 

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