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How small businesses can overcome the economic crisis

Posted at 11:22 AM, May 19, 2020
and last updated 2020-05-19 14:22:28-04

It’s no surprise that small businesses across the country have been adversely affected by the COVID-19 crisis and are looking for guidance on how to obtain loans and pivot their business models in order to stay afloat. Considering that small businesses account for 99% of all businesses in the U.S. and employ a significant portion of the nation’s working population, it is essential to see them through this time. For those businesses that have been denied federal loans, it can be especially defeating. The good news is there are additional options and advice available.

TOP TIPS FOR SMALL BUSINESS:

  • Do not give up hope. Any type of recovery program – whether natural disaster or economic recovery related, comes in stages. There is potential for additional rounds of funding from the U.S. government, and there are a growing number of private lending options.
  • Come in with a game plan. When looking to secure a loan, always have a plan that is realistic. Help your lender understand how you qualify as a business and why you’re asking for the loan.
  • Look for Opportunity. Reach out to your community. Others in your community are going through similar hurdles. By supporting each other, you may be able to keep yourselves afloat. Consider expanding your offering. Start looking at alternative opportunities and solutions that address the current market needs.

MORE ABOUT AMBER COLLEY:
Amber Colley, Senior Vice President and Business Credit Expert for Dun & Bradstreet, has coached thousands of business owners on how to establish a business credit profile and leverage their credit to help get funding, improve cash flow, win contracts, and more.

MORE ABOUT JOSEPH PASCARETTA:
Joseph Pascaretta is the General Manager of Credibility at Dun & Bradstreet, and is responsible for the strategy, product development, and sales efforts for the company’s Credibility business and small to mid-size business portfolio. He was also a successful small business owner and was recognized by Ernst & Young (EY) as Entrepreneur of the Year for Product Solutions in 2008 and The White House for Technology Advancement and Innovation in 2012.

Dun & Bradstreet is a leading global provider of business decisioning data and analytics.