Quick Options to Business Owners from the Impact of COVID-19

The COVID-19 pandemic was unexpected; as a result, businesses are affected the most besides of course public health.

Business owners who cannot get financed because of the pandemic or who had to place a hold on their business expansions, short term steps are necessary like quick fixes to help your business continue to run during the COVID-19 pandemic:

Government Relief

The SBA Disaster Relief program allows you to defer your payments up to one year with SBA. When applying online for the SBA Disaster Relief, you may select a local lender that offers the deferment program. The credit criteria and the debt service ratio guidelines remain the same because you are borrowing from a financial institution who has agreed to defer your payments with SBA.

The COVID-19 Stimulus bill eases small business owners to apply for assistance; it is a forgivable small business loan. The package allocates $367 billion to support small businesses. Small to mid-size companies with 500 employees or less could access federally guaranteed loans to maintain payroll even if businesses are temporarily closed. Additional costs including utilities, mortgage interest and rent would be forgiven for up to eight weeks for employers meeting loan requirements.

Arranging Increases to Your Lines of Credit

Contact your current creditors for your personal credit cards and business credit cards and ask for an increase on your credit limits, it is a safeguard approach because of the uncertainty of the pandemic. Not saying you have to use your new credit, however, it is security if necessary for your company to utilize the credit lines.

Alternative Business Lending

Alternative business lending like conforming business lending are restricting their credit criteria during the pandemic. Some business owners do not utilize alternative business lending because of the higher interest rates and terms. Alternative business lending is accessed as a short term necessity for your business. Alternative business lending is a considerable benefit during the short term COVID-19 pandemic. As a business owner, you are better off having some type of line of credit that is accessible than nothing at all. Check with the lender if the alternative business loan has or has not a pre-payment penalty, apply with confidence and obtain the non-prepayment alternative business loan.  

Ask for Deferment with Your Suppliers and Vendors

It never hurts to ask your suppliers or vendors for a short term deferment, even if it is a 30 day deferment, it helps.


Bank of America cardholders are receiving financial relief during the coronavirus pandemic. Citibank, Chase, Capital One, Discover, Apple and American Express have made similar announcements.

Check Your Business Credit and Personal Credit

Planning on applying for the SBA Disaster Relief program, or SBA (7a) or SBA’s Express Bridge microloan? The credit criteria are unchanged, regardless of the pandemic. Apply credit monitoring through Experian, Equifax or MyFico and check your personal credit immediately. If your credit scores are not 680 or better, please contact us for your free thorough credit consultation.

Your business credit is an important factor for SBA lending and alternative business lending. Even though alternative business lending has flexible financing options, lenders obtain a copy of your business credit report to check if there are outstanding judgments, collections or charge-offs that appear on your business credit, besides reviewing your payment history with your vendors and creditors. The most user friendly business credit report that is available online is Experian Business. If you are not seeking micro business lending, also check your Dun and Bradstreet and Equifax Business credit report besides the Experian Business credit report.

For more information on how we can help you fix your personal credit and business credit locally in Southwest Florida please fill out the online contact form about your concerns or give us a call at 855.477.9007. Read what our valued clients have to say about First Pro Capital on our Testimonials page.

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