Small businesses in the Yuba-Sutter area are being hit hard by the current public health situation, but local experts say there are resources available for business owners that need assistance.
Yuba-Sutter Chamber of Commerce Executive Director Marni Sanders said she spoke with restaurant owners on Wednesday who were dealing with the newest directives prohibiting anything other than takeout and delivery.
She said those business owners were seeing as much as a 50 percent loss in revenue due to the coronavirus situation.
“You also have to think about how that is going to trickle down to employees being laid off,” Sanders said. “We are just in a really difficult situation. We want people to support local businesses, but we as individuals also have to think about our own safety and the changes that are happening in our communities.”
Other small mom and pop shops that aren’t considered to be providing essential services are also really struggling, said Brynda Stranix, president and COO of the Yuba-Sutter Economic Development Corporation.
“We are just trying to be there for them however we can,” she said.
Both Sanders and Stranix have been working with local small businesses to get the word out on available resources.
Stranix said she is hearing about new potential opportunities every day, but one of the biggest available currently is a low-interest disaster assistance loan through the U.S.
Small Business Administration – both for small businesses and private, non-profit organizations.
The disaster loans offer up to $2 million in assistance per small business and can be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid due to the current public health emergency.
The interest rate is 3.75 percent for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible.
The interest rate for non-profits is 2.75 percent.
Information about the SBA Disaster Assistant loan program and other available resources can be found on the chamber’s website – www.yubasutterchamber.com.
Stranix said the Yuba-Sutter EDC also offers a loan program for local businesses.
Information about other funding options available through the organization can be found at www.ysedc.org.
“We want our business community to know that we are working really hard behind the scenes to bring them the best resources and information.
Please reach out to us if you have any questions or concerns,” Sanders said.