Forward Janesville - TheReport - Third Quarter 2020

The past four months have been stressful for many of our members, small and large. Those of us who worked the phones and participated in countless meetings about dealing with a rapidly changing business environment were privy to expressions of frustration, angst, and a large dose of uncertainty. This has been especially true among our small business members who often wear many hats while managing a business. As I write this column the interest in various financing programs available to businesses has diminished. Several established programs that we have been talking about for weeks still have capacity. I understand why the Wisconsin Economic Development Corporation’s “We’re All In” Small Business Grant Program was so popular even though it had a $2,500 limit. If you were fortunate enough to qualify, you didn’t have to pay it back. But if you still need financial resources, please think differently about another program you might consider. The Rock County COVID-19 Emergency Small Business Loan Fund (SBLF) is still operating and has funding capacity. The purpose of the SBLF is to assist small businesses in Rock County that are experiencing financial difficulties which are directly attributed to the global COVID-19 pandemic. • The maximum loan amount available to an eligible applicant is capped at $20,000. • Proceeds from that loan will be weighted toward small businesses that are seeking bridge and/or long-term, permanent working capital financing to help stabilize, sustain, strengthen, or restart their operations. • The program is open to all for-profit, private-sector businesses in Rock County with: - 20 or fewer employees, - 12-months of consecutive business history in Rock County, - revenues less than $1 million annually, - considered in good standing, and - can document at least a 25% decrease in revenue due to COVID-19 related impacts. Naturally, there is more to the program you will need to evaluate but the funds come with a 2% interest rate, six-month deferral period for both principal and interest, and repayments can be spread over up to five years. Go to the Financial & Business Resources page of www.rockcountyalliance.com to evaluate this program if your business has suffered financially from the COVID-19 pandemic. One thing we have learned from applications for the SBLF program is the need for mentoring, coaching, and technical assistance among many of our small business owners and managers. A smoother path to recovery may include taking advantage of available mentoring and coaching resources. The Rock County Entrepreneurial Business Development Program has been operating for three years and has many success stories. The program is managed by a remarkable coach and mentor, Mike Mathews, who also manages the Janesville Innovation Center. Mike has years of experience helping start-ups, early stage, and second stage companies develop sustainable business practices through customized coaching, mentoring, and technical assistance. He is an expert at helping business owners find the resources they need to be successful. Raising your hand and saying, “I could use a little help figuring out some management issues” is a smart, courageous, and prudent thing to do. It begins with a simple conversation. Contact Mike Mathews at mike@economicgrowthadvisors.com if this sounds like something of interest. Exploring what might be good for your business won’t cost you a penny and just might save your business long term. 4 • W W W . F O R W A R D J A N E S V I L L E . C O M John Beckord • President, Forward Janesville • johnb@forwardjanesville.com Resources to REINVIGORATE Your Business Raising your hand and saying, “I could use a little help figuring out some management issues” is a smart, courageous, and prudent thing to do.