In the midst of a global pandemic, Fund.do has put out important guidelines and resources for small businesses to sustain themselves during unprecedented events.
Businesses with limited capital and resources have taken a relatively bigger hit in the Covid-19 situation. Keeping this mind, Fund.do has issued a few key guidelines for such businesses, some of which include:
1. Having a workplace coordinator – All small business owners are advised to have a workplace coordinator having sufficient knowledge about the virus situation. They would assist businesses in managing workplace activities to minimize or prevent infections due to the virus.
2. Examining policies – This is not the best time to stick to the business policies, especially when it comes to leaving, work from home and compensation policies. Businesses are advised to have flexible policies for all employees to work, without an adverse effect on their compensation.
3. Identifying the essentials – Small businesses are advised to have their priorities sorted. Instead of calling everyone to work and indulging into every business process, it is advisable to undertake only essential activities that are absolutely necessary for the company’s survival.
4. Having an emergency plan – It is always advisable to have an emergency and back-up plans in case the employees get affected with the virus. Have an efficient chain of communication that is quick and reliable during an emergency.
5. Staying alert – Small businesses are advised to stay extremely alert in maintaining social distancing and having a clean and disinfected atmosphere at the workplace. It is important to understand that the smallest of careless activities can have lasting implications.
The biggest issue faced by small business owners during the Covid-19 situation is that of securing finances. Considering this, Fund.do has listed the financial products and resources small businesses can avail by visiting their official website. Some of these resources include:
1. SBA Loans – These are the business loans that are backed by the Small Business Administration (SBA). The USP here is the fact that a large portion of SBA loans (as much as 80%) are covered by SBA in case the borrower defaults repayment.
2. Merchant Cash Advance – Here, the borrower is provided with a lump sum of funds that are repaid by deducting a fixed percentage of daily credit/debit card sales made by the business.
3. Business Line of Credit – This is the credit limit provided to small businesses out of which funds can be withdrawn as and when needed. The interest is charged only on the amount withdrawn.
4. Business Term Loans – These are the traditional business loans provided for a specific term at a pre-decided rate of interest payable at fixed intervals. Borrowers can avail secured or unsecured term loans.
Fund.do is a financial lending company based in Boca Raton, Florida. It helps small businesses in obtaining financial aids through its invoice factoring services (staffing, freight, construction, oil and gas, etc) and a variety of business loans at desirable rates.