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Sheri Jones, director of the Vance-Granville Community College (VGCC) Small Business Center, appeared on WIZS Town Talk Tuesday at 11 a.m.
U.S. Small Business Administration Loans
In discussing the various ways the VGCC Small Business Center is working with local businesses during the current health crisis, including assistance with loan applications, Jones emphasized that time is of the essence.
“The best advice I can give is to go ahead and apply now; don’t wait,” Jones stated. “People are applying and getting approved, but this situation is unprecedented. We don’t know how long the funds will hold out and how many are going to apply.”
In response to the COVID-19 pandemic, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans to small businesses in all states and territories that are suffering economic injury as a result of the virus.
Terms for these Economic Injury Disaster Loans range from 15 to 30 years and the total loan amount is considered on a case-by-case basis. According to Jones, for-profit businesses will pay 3.75% interest, while non-profits will pay 2.75%.
“These loans are available directly through the Treasury Department with no third-party lender involved,” explained Jones. “Most businesses are eligible to apply.”
According to the SBA’s website, the disaster loans may be used for fixed debts, payroll, accounts payable and other bills that can’t be paid due to the disaster’s impact.
VGCC Small Business Center’s “Coronavirus Business Ready” Webinars
In an effort to further support local businesses and offer encouragement, the VGCC Small Business Center has scheduled a series of free, live webinars entitled “Coronavirus Business Ready – Protecting Your Small Business.”
Each part addresses various areas of concern that all businesses are currently facing. The remaining webinars include:
Keeping Customers & Employees Safe During Unsettling Times –
April 2, 2 – 3 p.m. (Register)
Promoting Your Business & Products During a Crisis –
April 4, 9:30 – 10:30 a.m. (Register)
Ideas to Keep Cash Flowing During a Pandemic Shutdown –
April 7, 9:30 – 10:30 a.m. (Register)
How to Manage Employees as Coronavirus Spreads –
April 9, 9:30 – 10:30 a.m. (Register)
Business Planning & Strategizing as a Coronavirus Antidote –
April 14, 9:30 – 10:30 a.m. (Register)
Communicating With Customers & Employees in Light of COVID-19 –
April 16, 9:30 – 10:30 a.m. (Register)
Participants must register at least two days prior to each session with a valid email address in order to receive the webinar login information. After registering, the link will be sent approximately 24 hours before the event, and a reminder email will also be sent approximately an hour prior to the start time.
For more information on assistance for small businesses, please email Sheri Jones at smallbusiness@vgcc.edu, visit the VGCC Small Business Center website at www.vgcc.edu/coned/small-business-center/ or visit the Facebook site at www.facebook.com/vgccsmallbusinesscenter/.
To hear the interview with Jones in its entirety, go to WIZS.com and click on Town Talk.