My interview with Mr. David Moore, CFO & Capital Funding Professional, Credit IQ based in Detroit underscored the current climate around the economy with respect to the COVID-19 pandemic and how it is affecting small businesses.
The Covid-19 pandemic has had damaging economic effects on small businesses. Has it had any effect on you, as you’re a source for other small businesses? If so, how are you coping with it?
David: I do what I normally do to help business owners, the only difference now is that I have been helping businesses for free. Traditionally, I’m fee-based, you know working business-to-business and helping consult small businesses. I only get paid if they are profitable and are able to pay me. But at this time, I think it is inappropriate to take any fees to help people navigate through these systems. So, I still take the calls and talk to the small business owners and share the information I know. I do my best to guide them through the maze of processes and guidelines to find the resources most beneficial to them. I’ve also reached out to a group of small businesses in my network letting them know they have to get things together now while funds are still available because no one knows how long these funds will be available.
A prime example is a mall Business Administration COVID-19 disaster fund loan. Technically, there are three parts to this loan. You have the upfront, which is like a grant funding $10,000, then there’s an approval for a loan and then a portion of that loan is forgivable and they tell you how much is forgivable and what the terms are. The application of the SBA takes a 30-day period.
David went ahead to give several local resources that small business owners and sole proprietors can take advantage of to help them, not just during this shutdown but regularly;
- Motor City Match- connects new and expanding businesses with Detroit’s quality real estate opportunities, providing them with funding and tools to fuel the city’s entrepreneurial revolution. The link to the website is; www.motorcitymatch.com.
- TechTown Detroit- helps Detroit businesses launch and grow. We connect entrepreneurs to resources, learning, and networking events in Detroit. www.techtowndetroit.org.
- SBA.gov- https://www.sba.gov/funding-programs.
For those sole proprietors and small business owners that have been almost displaced by the pandemic because of the stay in place order, what can they do or what advice do you have for them to maintain or recuperate from this time?
David: Well, you’re never going to recoup the income that you already have lost. However, the first thing you need to know is that there are options to get help. To name a few sources, SBA, Payment Protection Program, Michigan Small Business Relief Loan, Wayne County, Oakland County. The worse thing that can happen is someone tells you no. if you were denied, it is time to focus on positioning that business for a “yes.” So, now we have to have a real talk. What do we need to make you a stronger business? COVID-19 can be a great excuse to get things in order for any unforeseen crisis.
What would you tell the small businesses, sole proprietors, 1099 people that will benefit during these times? Your last words. What would you tell us?
David: get ready for a huge opportunity in the market place. That’s what I would say. Get ready for one of the biggest opportunities that you’ll ever see. The way I see it, in the next six months, if you are focused on growing your business, you are going to make the most profit you could ever have made. If you are a person that just wants people to know who you are, everybody is going to know who you are as long as you take this time to put yourself in a position to be seen.
