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Small enterprise house owners face obstacles in making use of for presidency loans

HANOVER COUNTY, Va. — Jimmy Comer is the co-owner of RBI Providers in Hanover County.

“Our focus helps small companies with their wants whether or not it’s insurance coverage, accounting, HR providers,” Comer mentioned.

However Comer believes his firm’s future seems out focus in the intervening time.

“So we’re like plenty of small companies, we’re unsure what the longer term appears to be like like,” Comer mentioned. “The Governor’s assured us that there will probably be assist from the state however I’ve obtained some considerations proper now.”

Because the variety of COVID-19 circumstances started rising within the Commonwealth,Comer started getting ready for the potential financial impacts. He mentioned he tried to use for a small enterprise mortgage by way of the Virginia Small Enterprise Financing Authority.

“One of many necessities was that we would have liked to undergo counseling,” Comer mentioned. “They mentioned they’re two counselors within the state. One in Northern Virginia and one’s in Farmville.”

Comer mentioned his request for assist was denied by the Farmville counselor as a result of his enterprise is in Richmond, not Farmville.

He’s involved as a result of there isn’t a counselor in Richmond.

“With out the counseling you’re not assembly the requirement for the mortgage and we’re being stonewalled from that mortgage,” Comer mentioned.

“It’s simply getting powerful for small companies proper now, we all know that we hear from them every day,” Barry Moore with the Higher Enterprise Bureau.
Barry Moore with the Higher Enterprise Bureau works with small companies and mentioned it is a nationwide situation.

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“I imply it’s thousands and thousands handed what they will deal with of calls being obtained. Be affected person,” Moore mentioned. “Ask your native financial institution that will help you should you can not get to a counsel.”

Comer mentioned he’s okay with asking his financial institution for assist however he’s fearful about different entrepreneurs.

“Do I’ve confidence in it, sure. However I assume my concern can also be I’ve so many small enterprise shoppers, I begin shedding them as a result of they will’t get entry to this cash, that’s going to be a significant downside for us,” Moore mentioned.

Lawmakers in Washington are engaged on a $2 trillion stimulus bundle that may give small enterprise house owners entry to federal loans provided that they comply with pay their staff by way of the well being disaster.

Oliver Smith

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