TUSCALOOSA, Ala. – The Alabama Small Business Development Center Network, based at The University of Alabama’s Office for Research and Economic Development, is providing direct assistance to small businesses in Alabama in the wake of the COVID-19 pandemic.
In collaboration with outreach partners across Alabama, the SBDC’s capital access team is working to help small businesses prepare to apply for the Small Business Administration’s Economic Injury Disaster Loan Program, which enables impacted firms to apply for up to $2 million in working capital.
This is one of many SBA financing programs being rolled out nationwide, and the SBDC is the agency’s key resource partner to help companies access the programs in Alabama. Over 2,000 small businesses in Alabama have participated in the SBDC’s training programs, organized with several statewide and local partners, designed to help businesses apply for the disaster loan.
“The UA Office for Research and Economic Development is dedicated to supporting the enhanced mission of the SBDC during these critical times,” said Dan Blakley, associate vice president of the Office for Economic and Business Engagement. “The expert team of business consultants across the Alabama SBDC Network provides access to the resources small business owners in Alabama need to successfully navigate the unprecedented challenges brought on by this crisis.”
In addition to helping companies with applications for the disaster loan program, SBDC business advisers are working with owners to design cash flow management strategies to survive the disaster and have released a “Guide to Conquering a Business Crisis,” which provides a quick checklist to help owners evaluate several facets of their operation.
“The SBDC team has a long history of helping Alabama’s small business owners overcome downturns and disasters. We’ve helped companies come back from tornadoes, hurricanes and oil spills,” said Michael Brooks, associate director of the statewide SBDC. “Our business advisors are on deck to help business owners access resources to make it through this disruption.”
The Alabama SBDC Network provides confidential advising and training services in all 67 counties in Alabama for business start-up, growth, access to capital, and international trade. Hosted at UA, it operates as a partnership program with the SBA and the state.
For more information and updates on other programs, visit www.asbdc.org.
The University of Alabama, part of The University of Alabama System, is the state’s flagship university. UA shapes a better world through its teaching, research and service. With a global reputation for excellence, UA provides an inclusive, forward-thinking environment and nearly 200 degree programs on a beautiful, student-centered campus. A leader in cutting-edge research, UA advances discovery, creative inquiry and knowledge through more than 30 research centers. As the state’s largest higher education institution, UA drives economic growth in Alabama and beyond.