The current state of the economy and coronavirus
By Nathan Abadi
Small business owners across America are feeling the squeeze of the coronavirus now more than ever before.
The US Small Business Administration reports that one out of every four small businesses in America have already closed their doors at least temporarily, with another 40% of those that haven’t yet shut their businesses expecting to do so before the end of the month.
On top of that, nearly 43% of all small business owners believe that if the coronavirus shut down extends beyond six months they won’t have businesses to open up any longer. They’ll be out of business, their dreams ended, and their financial future anything but certain moving forward.
Thankfully, the US government and the private sector have been moving swiftly – and with new innovative solutions – to push back against the economic collapse caused by the coronavirus.
We aren’t out of the woods yet by any stretch of the imagination, but we are starting to see signs of a turnaround.
American Entrepreneurs Need Help Now – And Excel Capital is Here to Answer the Call!
Programs like the CARES Act and the Paycheck Protection Program (PPP) have gone a long way towards helping a lot of small business owners secure their short-term financial situation.
The US government has provided north of $700 billion in funding through the PPP as of mid-May, with talks of adding even more money to the program as small business owners continue to take advantage of this government-backed stimulus.
Still, a lot of small business owners (56%, in fact) report that they are in favor of direct financial assistance – cash payments to small business owners without any middlemen – direct from the government itself.
If that isn’t something that the government can do, though, small business owners prefer SBA disaster loans, forgivable loan programs, and solutions like the PPP – solutions that can provide the small business owners with a little bit more security, little bit more certainty, and the cash and capital they need to not only attack their businesses but grow them in the lead up to the reopening of our economy.
It is important to highlight the fact that the overwhelming majority of small business owners remain very positive about the future of our economy. Nearly 60% report that they are positive about their overall business health as it exists right now, nearly 25% report that they expect to hire a lot more people within the next 12 months, and most are certain that we will be able to bounce back from the coronavirus faster than many expect.
You can count me, Nathan Abadi (founder and president of Excel Capital) amongst that group.
It’s always been my belief that small business is the backbone of our nation, the lifeblood of our economy, and that small business owners and entrepreneurs are the most important leaders in our local communities all over the country.
My position at Excel Capital allows me to interact with a lot of these amazing small business owners on a day-to-day basis. And while many of them are looking for funding, looking for cash, and looking for capital almost all of them remain very positive about the future we have in front of us – and believe (like me) that we will get through this sooner rather than later.
Quick Overview of the Financing Options Available
For a short while in the early stages of 2020, Excel Capital Management had put a pause on a rolling out funding solutions.
But in the wake of seeing so many traditional lending institutions (and nontraditional lenders, too) hold back funding that small business owners need so desperately right now we’re doing everything we can to release more funding into the market, to help more small business owners, and to support our American economy as best we can.
Receiving guidance from leaders all over the United States, our leadership team here at Excel Capital are redoubling our efforts to release more funding, to supply more financing options, and to innovate in any and every way we are able to an effort to help win the fight against the coronavirus.
Our small business loans, unsecured business loans, and business lines of credit remain some of the most popular solutions we have available for our small business clients – with poor credit business loans, merchant cash advances, equipment financing and invoice factoring also quite popular now.
On top of those solutions, we are also finding ways to streamline and speed up the SBA loan application process for our clients here at Excel Capital. We want to make sure that you are able to capitalize on all the funding opportunities available through the SBA today – especially coronavirus specific opportunities like PPP, for example – and we want to make sure that you’re able to get the cash and capital you need as quickly as humanly possible.
For more information and details about how we are helping to lead the charge and how we are helping to get our economy back on track, visit ExcelCapManagement.com.
Nathan Abadi is the founder and president of Excel Capital.