You’ve tried some post COVID-19 strategies during this difficult time, but you still need resources to help you stay profitable or even just stay in business. Our team at Sidekick Accounting has your back with these current funding resources and smart ways you can manage cash flow.
Lending Options for Small Businesses
Economic Injury Disaster Loans (EDIL). As a result of the Coronavirus pandemic, the U.S. Small Business Administration (SBA) provides low-interest loans to small businesses, agricultural businesses, and private nonprofits throughout the U.S. SBA has resumed accepting EDIL applications as of June 15, 2020.
Main Street Lending Program. Established by the Federal Reserve, the Main Street Lending Program provides loan options to small and medium-sized businesses and nonprofit organizations that were in solid financial standing before COVID-19.
Loans through the Wisconsin Women’s Business Initiative Corporation (WWBIC). Through its COVID-19 Fast Track Loan Program, WWBIC provides two financing options for businesses: 1) a line of credit (minimum of $5,000; maximum of $10,000), or 2) a term loan (minimum of $5,000; maximum of $15,000).
Tips to Help Manage Your Business Cash Flow
Manage inventory better. Too much inventory on hand costs money. Explore inventory management options that let you keep levels as low as possible so you can maximize cash flow and profitability.
Have a backup plan. Emergency cash is a must for any small business. You can allow for unexpected expenses by keeping your business credit score in good standing so you have access to a business loan or business credit card as a source for last-minute funding.
Spread out expenses. Of course it’s easy to remember to make all of your payments on the same day each month, but that’s also extremely difficult to manage from a cash flow standpoint. Work with the digital banking options you have to set up staggered automatic payments, or use accounting software to track cash flow each month.
Consult an expert. If the accounting and financial side of your business isn’t your strong suit, it makes more sense to hire a professional. From helping you select the right accounting software to managing your vendor and cash flow statements, these are tasks an expert can handle so you have more time to dedicate to your business.
Monthly Accounting Packages Help You Stay Financial Fit
If you’re like most small businesses in Wisconsin and throughout the U.S., you want reliable bookkeeping solutions so you can focus on what you do best—grow your business. The Sidekick Accounting team offers you an affordable monthly package that covers all aspect of what you need to stay financially fit. Schedule a time that’s best for you to learn more about our services.
Sidekick Accounting Services is an accounting company dedicated to serving other small businesses and individuals. Helping them grow and strive to their fullest potential. With Sidekick Accounting you get a whole lot more than just accounting help, you get the tools needed to continue to be successful! We are Accounting Fit for You!!