Laurie Pfeiffer, Director of Commercial Banking – How Your Bank Can Help Your Business During COVID-19?
Laurie is our guest, and we cover how your bank can help your business during this pandemic.
What should your business being doing today?
Keep communicating. To your bank, CPA, insurance agent, all your partners
Re-evaluate your revenue streams
Create a 13-week cash flow, and update every few days
What will a banker need to know when you contact them for options? Laurie offers up these items that will be covered.
What is the current state of your business?
What are your current revenue streams?
What are you doing with your vendors?
If you are renting your building, have you talked to your landlord for relief?
Have you contacted your insurance agent to understand your policy?
Laurie stresses access to cash is extremely important. Utilize or increase your line of credit.
Tools that businesses can take advantage of? Laurie mentions that your bank will look over long term, that is, what is needed over the next 90-days. Options include:
Interest only payments
SBA solutions? At this time, the SBA is offering a relief program called the SBA Disaster Assistance Program. You can begin the application process online, or contact your bank for assistance.
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