We are living through a time of duality. We must do the BIG work in our business to take excel when the economy comes back online, however, we need to be frugal and manage our cash heavily. Many businesses have already closed up for good. The MACKEY team wants to help in any way we can to minimize the amount of small businesses that will fail during this time. Below is a summary of free & paid offerings we have at this time.
- Free SBA Disaster Relief application help. We will help any small business owner apply to the SBA program. Even if your state has yet to request and receive funding you should apply. Even if you do not foresee yourself needing the funds, you should apply. The key to surviving this environment is getting what you need before you need it.
- Free “Cash is King (or Queen): Tools to Help Manage Your Cashflow “ Zoom webinar on managing your cash flow.Please join us on Friday, March 20, 2020 12:30 PM‑1:30 PM and again on Wednesday, March 25, 2020 2:00 PM‑3:00 PM to learn about our cash headroom & cash forecast tool. If you join us for this session, you will receive the templates to use for your business, no strings attached.
- Free “Business by Design in 5 Questions” Zoom webinar. Join us to walk through one piece of the BIG work you can do during this time. We will help you facilitate your own deep dive into what you want your business and your business life to look like when this is all over. Please join us on Tuesday, March 24, 2020 2:00 PM‑3:00 PM
- Free “We’re All In This Together” webinar via Zoom. Join us on Friday, March 27, 2020 12:00 PM‑1:00 PM None of us have all the answers, but we all have some answers. Let’s come together as a community and talk about ways we can help ourselves and our fellow business owners during this time.
- Cash Flow Management and Capacity Analysis. For a one-time fee, we will work with your team to setup a cash flow analysis and prediction tool. We will also explore funding options via conventional bank channels and Federal Emergency programs options that continue to be devised daily to help small business emerge from this crisis and be more resilient as a result
- Cash Flow Management Ongoing Support. For a fixed monthly fee, we will setup the cash flow analysis & prediction tool as well as update it and meet with you weekly on what you should be doing to conserve cash. This work includes helping you model & understand the revenue loss your business may experience in the short-term and long-term future.
Is this needed?
In this time of great economic uncertainty for small businesses in America it is important to remain resolute and continue to forge ahead. There will be businesses that do not emerge from this environment and it won’t be out a lack of sales or lack of profits but a lack CASH (or access to cash). As part of a the Cash Flow Management and Capacity Analysis offered by MACKEY, let our banking expert with over 20 years in the industry help your business explore funding options via conventional bank channels and Federal Emergency programs options that continue to be devised daily to help small business emerge from this crisis and be more resilient as a result.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for a small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Economic Injury Disaster Loans “EIDL” issued by the SBA are made available to small businesses to help alleviate economic injury caused by the Coronavirus (COVID-19). Currently EIDL loans are available in States that have sought economic disaster relief status specific to COVID-19. As of March 17, 2002, New Mexico, California, Washington, Maine, Connecticut, Nevada, Rhode Island, Utah and The District of Columbia have sought and received such designation.
EIDL loans can be a vital cash flow tool during this time of liquidity uncertainty. EIDL can help meet fixed debt payments, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The most recent Interest rates (3/17) for EIDL loans is 3.75% for small businesses without credit available elsewhere and there are NO SBA FEES for accessing this program. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years.
The commercial loan market is poised to provide cashflow back into the business sector primarily in the form of lower monthly interest rate environments on new fixed rate loan products. The lower interest rate environment is an effort by the Federal Reserve’s central bank to provide economic stimulus to business owners through monetary policy actions (i.e. rate cuts). Unfortunately, businesses in longer term fixed rate debt structures will be unable to participate in the Fed’s intended stimulus package. MACKEY would like to assist borrowers in developing strategies that will create incremental cashflow wins for your business and take full advantage of the Government’s interest rate stimulus plan. A 30-minute review of your company’s current debt obligations with our MACKEY team member could result in additional cashflow to help fund your business operations. Robert LaMothe, our newest team member, has over 15 years of banking experience and is ready to lead these conversations with you and your finance team.