What seemed just three months ago to be a great business environment has now come to a halt as the coronavirus hinders businesses’ abilities to stay open and make a profit. Small businesses around the nation were thriving as hot-spots and now they have come to the haunting reality that they might shut down for good with the economy shuttered from COVID-19

Spinnaker Interviewed Kevin Monahan, the Consultant and Area Director for Northeast Florida, Jacksonville from the Small Business Development Center at the University of North Florida to talk his advice to small businesses struggling and what he has heard from struggling businesses.

What is the Small Business Development Center?

According to their site, “The Florida SBDC Network is state designated as Florida’s Principal Provider of Business Assistance”and is Florida’s “premier source” for business assistance.

UNF’s Small Business Development Center is just one of 35 offices in the state of Florida.

What is Monahan hearing from small business owners who are struggling due to Covid-19?

“Some are really hurting, especially dine-in restaurants and beauty salons. For now, a lot of trades like landscaping are faring better.”

Monahan’s advice to small businesses and nonprofits during this time 

“Take stock of your assets, especially ones that be converted to cash. Try to collect what people owe you. If you have a transactional website, let people know they can buy that way. Take advantage of the several local lending programs. The SBA has a Disaster Loan program as well as a Paycheck Protection Program to help organizations retain their employees. The Paycheck program is done through your bank. The Disaster loan program is direct from the SBA. The city of Jacksonville has a loan program for small businesses through a partnership with Vystar.”

In times like this, it’s the basic information that can be all the help a business might just need.

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