The COVID-19 crisis has affected all of us, not the least of which, small business owners who may not have the capital available to weather the current crisis. As the government continues to enact various measures meant to slow the spread of the virus and guard against it, small business owners face unprecedented challenges and are having to make difficult choices to protect their businesses.
Gyms, shopping centers, casinos, movie theaters and others alike have had to close their doors temporarily. Travel bans have caused the tourism industry to come to a screeching halt, and consumer spending is crashing as people are generally staying home. Industries that are especially hard hit during this time include tourism, construction, hospitality, transportation and energy. However, if the current crisis continues as many predict, the country could end up in a nationwide recession that will leave very few types of businesses untouched.
Small businesses will be especially hard hit as many do not have the cash on hand to last a long time during an economic downturn. In a recent study, JP Morgan Institute found that many small businesses have fewer than 14 days worth of business expenses available in cash. This lack of cash liquidity makes small businesses especially vulnerable to drastic reductions in cash flow such as we are seeing right now across America.
During this challenging time, Signature Capital is here to help small business owners, especially those in the San Francisco Bay Area and New York, cope with the difficulties caused by the COVID-19 pandemic. We can help provide access to necessary funds to get through the crisis to help you come out on top. These funds can provide critical relief and support to businesses that are facing an immediate financial threat due to the pandemic.
As CEO Rick Mirza stated,
- Rick Mirza, CEO of SignaCap
As businesses face drastic reductions in cash flow, funds may be used as working capital to support payroll expenses, rent, mortgage payments, raw materials, utility expenses or other similar expenses that arise during the normal course of business.
Having access to such funds during this critical time could be just what your business needs to stay afloat. SignaCap is here to help small business owners in New York and the San Francisco Bay Area survive the COVID-19 crisis. Contact Signature Capital today to learn more about what options are available to you.