Managing a Small Business During and Post COVID-19
October 14, 2020
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
Articles and Commentary Information provided in written articles are for informational purposes only and should not be considered investment advice. There is a risk of loss from investments in securities, including the risk of loss of principal. The information contained herein reflects Sand Hill Global Advisors' (“SHGA”) views as of the date of publication. Such views are subject to change at any time without notice due to changes in market or economic conditions and may not necessarily come to pass. SHGA does not provide tax or legal advice. To the extent that any material herein concerns tax or legal matters, such information is not intended to be solely relied upon nor used for the purpose of making tax and/or legal decisions without first seeking independent advice from a tax and/or legal professional. SHGA has obtained the information provided herein from various third party sources believed to be reliable but such information is not guaranteed. Certain links in this site connect to other websites maintained by third parties over whom SHGA has no control. SHGA makes no representations as to the accuracy or any other aspect of information contained in other Web Sites. Any forward looking statements or forecasts are based on assumptions and actual results are expected to vary from any such statements or forecasts. No reliance should be placed on any such statements or forecasts when making any investment decision. SHGA is not responsible for the consequences of any decisions or actions taken as a result of information provided in this presentation and does not warrant or guarantee the accuracy or completeness of this information. No part of this material may be (i) copied, photocopied, or duplicated in any form, by any means, or (ii) redistributed without the prior written consent of SHGA. For disclosures, including additional information on credential designations of SHGA representatives please see our Form ADV Part 2A and 2B Disclosure Brochures, which can be obtained by clicking here.
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