San Angelo, TX — Small businesses are reeling from the impacts of the near-total halt of economic activity during the Coronavirus pandemic. As someone tasked to help small businesses in the Concho Valley, David Erickson, Director of the ASU Small Business Development Center, has a sense of what business owners are going through.
“Everyone we’ve talked to has been very concerned, obviously, and eager to get this kind of help to help their business” says Erickson, “it is very much chaos out there right now.”
Erickson shared some advice for what businesses should do when they need help.
“Well, what they need to do first, if they need help, is to contact their lender,” says Erickson, “especially if they have outstanding loans. Their lender can maybe help them with those outstanding loans, whether they’re conventional loans or SBA guaranteed loans. Then they can contact us because we can help them understand the programs that are out there.”
Erickson also suggests visiting the SBDC website to find all the resources available for small businesses — including COVID-19 economic injury disaster loans, and the Small Business Administration’s paycheck protection program. Both programs created to help businesses get through a crisis, the likes of which we’ve never seen before.
“It’s an unprecedented situation, of course,” says Erickson, “We haven’t seen anything like it. No one else has either. Hopefully this will resolve itself soon and we can get back to business.”