As small businesses across Southern California and around the world comply with increasingly restrictive orders to stem the rise of coronavirus, many are facing a severe cash shortfall, in many cases threatening the very existence of the businesses.
For small businesses in Orange County and the Inland Empire, the Small Business Development Center based at Cal State Fullerton’s Mihaylo College is ready to help.
Helping Small Businesses Weather the Storm
“The effects of COVID-19 on small businesses are devastating,” says Mike Daniel ’99 (marketing), regional director of the Orange County Inland Empire SBDC network.
According to a 2016 report by JP Morgan, half of all small businesses hold a cash buffer large enough to support 27 days without business, a frightening statistic considering that even optimistic estimates suggest that coronavirus restrictions will last for double that time, and 47.5% of private-sector employment comprises small businesses with 500 or fewer employees.
“We have been working closely with public agencies, banks and nonprofits to help provide resources and updated information as quickly as possible through our website, printable guides, webinars and virtual services,” says Daniel.
The center has established a new COVID-19 webpage, providing steps that small business owners can take now, including signing up for virtual business consulting at no cost, registering for webinars led by emergency management experts, and a guide on federal and state support available to keep small operations afloat.
More instructional videos, including tips on filling out the SBA’s loan application and upping online sales, are coming soon.
“Our team of over 100 business consultants is committed to helping our small businesses ‒ the heart of our local economies and communities ‒ get through this pandemic,” says Daniel. “We’re providing no-cost direct support with disaster loan applications, cash flow concerns, recovering sales online, tax assistance, work-sharing programs and more.”
Visit the SBDC’s COVID-19 web page or call 1-800-616-7232 for assistance.
Read more in this CSUF News article.