Community Convo - Financial Security

During this tenuous time in our world and economy, many businesses are understandably facing unexpected struggles. We wanted to share with you some ways in which the City of Philadelphia, the Western Chester County Chamber of Commerce, and the federal government are trying to help small businesses thrive. 

The US Small Business Administration offers a type of loan called the SBA Economic Injury Disaster Loan. According to their website, under this program, “the SBA will work directly with state Governors to provide targeted, low-interest loans to small business and non-profits that have been severely impacted by the Coronavirus.” The program provides working capital funding of up to $2 million to help overcome the temporary loss of revenue businesses are facing in the wake of the virus. Find more information here:

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
 

The City of Philadelphia Department of Commerce is aimed to help businesses thrive in Philadelphia. They help small businesses find access to funding, and have several programs in place to help business owners support their companies, including the Kiva program, which gives businesses access to zero percent interest loans through crowd funding. Discover more on the department’s website:

https://www.phila.gov/departments/department-of-commerce/

For businesses in Chester County, the Western Chester County Chamber of Commerce is helping to make navigating this tumultuous time a little bit easier by providing this website with links to numerous business resources, programs, official reports, and other information for small businesses in the community.

http://www.westernchestercounty.com/emergency-response/

Small businesses have a more urgent need for relief, so the Institute for Local Self Reliance has put together this valuable resource filled with tips and ideas for what small companies can do to generate business during this period of time:

https://ilsr.org/covid-19-pandemic-what-small-businesses-can-do/

For businesses in Chester and Delaware Counties, SCORE is offering free online counseling and seminars for entrepreneurs and small business owners. They also offer low cost business workshops to help owners successfully grow their companies. These services are also great opportunities to think about future business planning.

https://chesterdelco.score.org/

We are also awaiting details of the federal stimulus package which should be released shortly. While this is certainly a time of financial concern for many, we hope that these resources will help to ease the burden in any way possible, and assist you in thinking positively about the future of your business.