A program based at the University of Alabama’s Office for Research and Economic Development is proving especially important as Yellowhammer State small businesses attempt to navigate the complex landscape of coronavirus (COVID-19) relief funds, including monies related to the $2.2 trillion federal stimulus package.
The Alabama Small Business Development Center (SBDC) Network can prevent the need for small businesses to go out and hire costly law firms or lobbyists to track down Small Business Administration (SBA) loans and other available disaster relief funds.
A recent release detailed that the SBDC’s capital access team, in collaboration with outreach partners across the state, is working to help Alabama small businesses prepare to apply for the SBA’s Economic Injury Disaster Loan Program, which enables impacted companies to apply for up to $2 million in working capital.
This is merely one of many SBA financing programs being rolled out nationwide, and the SBDC is the agency’s key resource partner to help businesses access the programs in Alabama.
To this point, over 2,000 small businesses in the state have participated in the SBDC’s training programs, organized with several statewide and local partners, designed to help businesses apply for the disaster loan.
“The UA Office for Research and Economic Development is dedicated to supporting the enhanced mission of the SBDC during these critical times,” stated Dan Blakley, associate vice president of the University of Alabama’s Office for Economic and Business Engagement. “The expert team of business consultants across the Alabama SBDC Network provides access to the resources small business owners in Alabama need to successfully navigate the unprecedented challenges brought on by this crisis.”
SBDC business advisers are also working with job creators to design cash flow management strategies to survive the disaster and have released a “Guide to Conquering a Business Crisis,” which provides a quick checklist to help business owners evaluate several facets of their operation.
“The SBDC team has a long history of helping Alabama’s small business owners overcome downturns and disasters. We’ve helped companies come back from tornadoes, hurricanes and oil spills,” added Michael Brooks, associate director of the statewide SBDC. “Our business advisors are on deck to help business owners access resources to make it through this disruption.”
Business owners can learn more about the Alabama SBDC Network here.
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Sean Ross is the editor of Yellowhammer News. You can follow him on Twitter @sean_yhn
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