How Small Businesses Are Dealing With The Coronavirus

By: First Union


How Small Businesses Are Dealing With The Coronavirus

The best thing most small business owners can do right now to cope with this turbulent time is first and foremost to follow guidelines and recommendations. Being more flexible with leave policies and work from home practices is essential. Encouraging employees to stay home if they are experiencing any symptoms is also critical. Without question, all businesses should be taking those steps that ensure the safety of their workers.

It is far better during a crisis to be overprepared; the last thing you want is to be blindsided. That said, the United States as a whole should look closely at the responses of other nations to see what works and what consequences does not. Italy's healthcare system was completely overwhelmed; whereas, in Taiwan, they have been able to more successfully flatten the curve—this is the type of model we should be emulating as a country.

As far as those small businesses impacted, recent surveys suggest that near thirty percent are expecting to take a fairly significant hit as a result of the coronavirus. Over half interviewed are bracing for serious economic decline. So what can a small business owner do to minimize the damage? For one, embracing technology and thus converting as much of their business operations to an online platform will help. Using Skype for conferences for instance, or WebEx.

Additionally, ensuring they have digital access to their funds along with the ability to make and accept payments online will be key. Companies should also look into paying employees with a direct deposit system as opposed to paper checks, thereby ensuring staff gets paid.

Unfortunately, with the growing number of cases of the coronavirus, frauds and scams are becoming more prevalent. It's a good time to ensure you have the proper security in place and take measures to prevent fraud.

First Union Lending certainly recognizes the challenges small businesses are now facing. If you need additional working capital, we would love to discuss your options. Call today!

Becky: Hi! Let's find the best loan option for you

Google 4.8 star rating
Trustpilot 4.6 star rating

First Union Lending LLC is a dually licensed Lender/Broker with its main offices located at 4900 Millenia Blvd First Floor Orlando, FL 32839. First Union Lending LLC and its ads are meant for continental United States, including Alaska and Hawaii small business owners. Business Loans offered by First Union Lending LLC have varying rates and terms that can range from 30 - 120 payments and all rates and terms are based on eligibility of the business and its owners. The actual terms are based on credit, business history, industry, amount and terms. As an example, a $5,000 loan paid over 5 years at 8% would have a total repayment of $6,082.92 over the life of the loan. We use the latest encryption to protect sensitive information transmitted online, as well as run our own secure server network to ensure your information is protected offline as well. California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through VBJ Consulting, LLC, a licensed finance lender/broker, California Financing Law License No. CFL#60DBO78163

Copyright © First Union Lending, LLC. 2023