DAYTON, Ohio (WDTN) – A federal stimulus package is providing $377 billion in small business aid. It’s been two days since a state-mandated shutdown forced non-essential businesses to close their doors hitting independent and small businesses hardest.
“We have to stop this economy and I think that’s a painful reality for any elected official, but we have to put the priority on health,” said Dayton Mayor Nan Whaley. “It’s most important right now that we do everything we can to keep our community safe an I think that’s what we’re doing.”
Despite the federal funds, some business owners say they’re still struggling.
“We’re grateful for SBA loans coming, but it is coming slowly and I think that’s a challenge for some of the businesses right now is just the process is not quick enough,” said Mayor Whaley.
Na’Asiaha Simon, president and founder of Na’Asiah Simon and Associates, is an expert in crisis control and management for small businesses. She says now is the time for small business owners to come up with a strategy for how they can use the federal funding.
“You don’t want to overspend, you don’t want to not spend at all. You want to be smart because we don’t know how long this will last. What does that look like in [your budget]? Whatever resources are provided to you, allocate those resources to the right department,” said Simon.
She also says during this time small businesses should strive to connect with customers digitally and become creative with how they sell their goods and offer services.
“You have this time to step back, regroup, rebrand, restructure. Why not take advantage of this time. In the midst of while you’re rebranding and restructuring also plan for the future,” said Simon.
Emergency small business loans will be available until the emergency period ends on June 30.
Resources for small business owners from Launch Dayton can be found here.
For more information on Na’Asiaha Simon and Associates, click here.