fbpx

5 Ways to Use Business Funding Amidst Covid-19

  • June 25, 2020
  • Written by : REIL Capital

The COVID-19 pandemic has forced business owners all around the globe to shift their business goals. Perhaps you had to lock your business too and now you are planning to reopen it. A number of businesses have to suffer the lockdown and for them, business financing is a wise decision to cope with these challenging times.

However, every business’ has different needs depending on the industry it belongs to and its location. In this blog, we will suggest you can utilize a small business loan during this pandemic to step into the market again. 

Employee Safety is the Priority

Your greatest assets are your employees and their safety should be your primary concern during this pandemic. As soon as your team returns to work, get them masks, gloves, industry-specific items, such as face shields. You most likely didn’t have any of these, so you will be required to invest some amount to these safety items first. 

Apart from these items, you may have to hire professional cleaners too. Cleaning and disinfecting are now included in several state and industry regulations. You will be required to clean your facility on a weekly (or even daily basis). So make sure to keep some portion of your small business loan for this. 

Use as Payroll

Some of your valued employees might have been with you even during the lockdown. You need to pay them in order to get them back to work. You may have to reduce hours or let go of your employees during this time, but with financing on-hand, you can get your valued staff members back to work. 

Pay Your Bills

Many small businesses have experienced a cash crunch during the COVID-19 pandemic. With a slump in sales, companies have had trouble paying their bills. If this is the case with your business too, use business funding to afford your monthly bills or pay off any debt. This step is imperative to start your business operations again with peace of mind. 

Invest in Marketing

Most small businesses have likely witnessed a decrease in their sales volume due to COVID-19. The time when you are reopening and looking to go forward, you need to spread the word to your customers. Boosting your marketing efforts will allow you to make up for what’s lost with time. Even if you haven’t lost any customers, marketing your business will eventually help it. 

Install Additional Health and Safety Measures

Most industries have released regulations for reopening businesses. Even after complying with these regulations, you may want to invest in additional health and safety measures. Sneeze guards, hand sanitizing stations, disinfecting UV lights, are some of the additional measures you can consider for your organization. Of course, all these will require extra capital and a part of your small business loan can be perfectly utilized here in these challenging times. 

Final Word

Business owners are overwhelmed during the COVID-19 situation and having access to additional funding can help them re-establish fast. By utilizing their small business loans for the above-mentioned areas, they can ensure their business’s future. 

Leave a Reply