The Growth Capital team welcomes strong job growth news from the US Bureau of Labor Statistics. But we know small business recovery is a work in progress. That’s why we also welcome news that the Small Business Administration (SBA) is still focused on easing the COVID-19 pandemic’s impact on small businesses.
At Growth Capital, supporting small business means more than facilitating small business loans. It also means helping our customers find the right small business resources. It’s not easy to squeeze resource research into busy schedules in the best of times, much less during a pandemic. To that end, below is our high-level view of small business loans and resources, including those related to the pandemic:
Small Business Loans
The White House recently approved legislation that extends the loan application and loan forgiveness deadlines for the popular Paycheck Protection Program (PPP). The SBA will accept loan applications through May 2021, and small businesses can apply for loan forgiveness through June 2021.
Ohio-based businesses can also tap the Ohio Development Services Agency (ODSA), which offers a variety of business loans based on business need, industry, and activity.
One example is the Ohio Regional 166 Loan program for businesses that create new jobs or retain existing jobs. Other examples are the Appalachian Growth Capital fund, which offers loans to small businesses operating in eastern and southern Ohio’s Appalachian region affected by the pandemic, and the Energy Loan Fund, which provides low-interest financing to businesses installing energy efficiency measures.
Small Business Resources
Loans are small business lifelines, but grants, which do not require repayment, are useful options. As with loans, several national and state grant programs have added pandemic-specific resources.
The SBA’s Economic Injury Disaster Loan (EIDL) program is a notable example. Small businesses are eligible for $10,000 grants known as an EIDL advance. Likewise, the SBA’s Shuttered Venue Operations Grant (SVOG) is available to some small businesses that closed because of the pandemic.
Looking for other national pandemic-related small business grants? Check out The Funding Circle, which lists the five best coronavirus grants for small businesses.
But small businesses don’t need to wait for a crisis to seek grants. For example, USGrants.org lists available grants state by state, and the federal government maintains a general business grant database.
Finally we know that small business success also depends on advocacy, insight, and support. Small businesses with questions about legislation can turn to the NFIB, which advocates for small business at the national and state legislative levels. For Ohio-based businesses, the Small Business Development Centers provide guidance and counseling.
We know better days are on the way. We’ve helped our customers navigate the pandemic, and we’ll be here to help them make the most of new opportunities.
Let us know how the Growth Capital team can help your small business. Call us at (216) 592-2332 or fill out our online contact form.