Westelcom Expands And Grows During Pandemic: Acquires Washington State telecommunications company

Paul Barton, president and general manager of Westelcom Family of Companies.
PHOTO PROVIDED BY WESTELCOM

[Read more…]

SBDC Offers Assistance To Small Businesses, Disaster Loans

Sarah O’Connell

I had another topic planned for this month, but things have taken a wild swing in the small business world with the COVID-19 pandemic and the efforts to suppress the spread which have included widespread business closures.   Hopefully by the time this issue hits, things will have calmed down, but at this point, we really don’t know how long this challenge will last. The Small Business Development Center however, will assist you wherever possible, and listen to your concerns and your efforts to gear back up to where you need to be. 

     What we do know is that the SBA will be offering their direct loan program called the Economic Injury Disaster Loan.  As of the date I’m writing this, loan applications are not available but should be very soon.  

Here are some key points to consider:  

  1. It is imperative that you keep accurate, detailed records of your revenues and expenses during the duration of the disaster.  Monthly profit and loss statements are one way to generate this.
  2. You will need to demonstrate that there has been a significant drop in profits over the same period a year ago, again, with the best documentation you can provide.
  3. To access the loan program, you have to first apply to a commercial lender and have your loan request denied.  You will then include the declination letter with your application.
  4. The interest rate is 3.75% for small for-profit businesses and 2.75% for non-profits.
  5. Loan terms will be set on a case-by-case business determined by the business’s ability to repay but are meant to be as affordable as possible for the business; thus, some loan terms may be as long as 30 years. 
  6. The loans may be used for payroll, accounts payable, fixed debt and other expenses that can’t be paid due to the disaster.
  7. The applicant will have to provide 3 years past tax returns where possible, a personal financial statement, and a year to date profit and loss.  It is recommended that businesses have completed and filed their 2019 tax returns to accompany the application.

    The SBA noted in its press release that it will continue to assist businesses with counseling through their district offices and resource partners.    The Small Business Development Center is one of those partners. Many of our New York State advisors have worked in the past with businesses impacted with physical or economic loss such as post-9/11 in 2001, Hurricane Irene in 2011 and Hurricane Sandy in 2012.    

    We’d also like to encourage you to contact your bank, your vendors and any creditors to let them know that your business is being affected so your ability to pay will also be impacted.  Don’t leave this important step until you are already behind in payments.  We’re sure that this will not come as a surprise, but keeping the lines of communication open will help them know what to expect. 

    We encourage everyone in the small business community and the global community to stay strong and to stay healthy. 

    For more assistance, get in touch with your local New York Small Business Development Center.  We are free, confidential, and always available to help. You can reach the SUNY Canton SBDC at (315) 386-7312, SUNY Canton SBDC at Clinton Community College at (518) 324-7232, or the Watertown SBDC at JCC (315) 782-9262.  We’d love to help.