Free consulting also available to help owners cope with challenges caused by COVID-19 pandemic.
The Wisconsin Small Business Development Center (SBDC) Network is helping small businesses apply for federal disaster loans to mitigate the substantial economic injury as a result of the coronavirus (COVID-19) pandemic.
“We know that business owners are facing uncertain times as the nation combats the COVID-19 pandemic,” said Andy Donahue, director of the SBDC at UW-Superior. “Northwest Wisconsin business owners should know that the SBDC is here to help them throughout their business cycle as their everyday lives are being disrupted. They are more than welcome to contact our office so we can assist them in whatever means necessary.”
The U.S. Small Business Administration (SBA) is offering designated states and territories, including Wisconsin as of March 20, low-interest Economic Injury Disaster Loans (EIDL) for working capital as small businesses have been forced to close or scale back significantly to contain the spread of the virus.
The Wisconsin SBDC, a resource partner of the SBA, has created a webpage to help business owners understand the qualifications and application process. Consultants across the network’s 13 locations are working remotely via phone, email, and virtual tools to assist clients.
“Business owners face devastating, unprecedented challenges as cash flow and everyday lives are severely disrupted,” said Bon Wikenheiser, state director. “They need expert advice they can trust now more than ever.”
The Wisconsin SBDC Network, hosted by the University of Wisconsin System since 1980, offers no-cost, confidential consulting and business education to new and existing businesses. In 2019, the SBDC served 4,658 clients, resulting in $91.3 million in capital investment, 300 new businesses, and 19,717 jobs supported.
“The UW System and its universities are proud to partner with the SBDC Network, and we know what vital service and support it provides to businesses and people across the state,” said UW System President Ray Cross. “That will be critically important as we all face the widespread economic impacts of the COVID-19 pandemic.”
“The SBDC Network is a trusted partner of the SBA,” said Eric Ness, Wisconsin’s SBA district director. “Small business owners should use their services to ease and expedite the loan submission process.”