As a small business operating a network of job sites connecting local employers to job seekers in every state, we at JobsInTheUS feel closer to businesses in our community than our larger competitors. We have heard from many of our clients in Maine, New Hampshire and Vermont that they are struggling to find funding, the Paycheck Protection Program (PPP) is tapped, the SBA process is slow, and some are facing challenges that might permanently close their doors. In addition, the unemployment stimulus package has had a cooling factor on the returning workforce when companies are ready to reopen.
Every day we hear negative news about the economy and the labor market. The Wall Street Journal article entitled Short on Cash, Small Businesses Brace For Long Crisis reported, “An estimated 1.85 million U.S. businesses closed their doors and or temporarily suspended operations in the second quarter according to Oxxford Information Technology Ltd in Saratoga, N.Y., which tracks roughly 32 million U.S business of all sizes.” In addition, the CARES Act pushed out $650 billion in loans creating numerous stories of fraud and abuse, leaving small businesses with legitimate needs on the sideline. On the labor front, where demand was high before the pandemic, unemployment is now at 11.1% and economists are anticipating an increase. At the same time, the $600 stimulus payments are scheduled to end, creating a potential crisis for family budgets.
Small business owners and their employees are known for their determination and creativity in the face of adversity. So what should we do as leaders and businesses in our communities? I say we should continue to be proactive and advocate for our communities and businesses. As Stephen Covey wrote in his book The 7 Habits of Highly Effective People, “We can act instead of being acted upon.” This means connecting the first three habits: “Be proactive, Begin with the end in mind, and Put first things first.”
I’m proud to say that, as a business, our team has stood up to the challenges we faced and evolved to meet the demands of the new normal. In the course of this effort, we met a team of people helping small businesses around the country and thought how can we make this happen here. With that in mind, we are inviting business leaders to attend a webinar, How to Raise Capital in a Pandemic: Why Individual Investors Are Investing in Small Businesses to Help Their Communities on Monday, August 3 at 11 AM — sponsored by JobsInTheUS, Global Vision Communications and McCarthy Wilson, LLP. Come hear how SMBX is helping businesses just like you and me across the country. SMBX is helping small businesses of all sizes, while growing their brand in the communities they serve.
Our community of business leaders and owners are a tight group, and we all miss seeing one another at events around the state. We hope you will join us for this informational session to hear more about SMBX and some of their success stories that have raised capital for businesses across the country.
SMBX helps local businesses raise money by issuing bonds to their community. Private citizens, as well as city, county, and state governments, can invest to support their local businesses and earn the profit from financing charges that would ordinarily go to the bank.
SMBX’s focus is on community-oriented businesses, with at least 2 years of operating history, looking to raise expansion capital or to refinance existing debt for better terms. We work to get businesses competitive rates to SBA bank loans, and can often save businesses up to 20% on financing charges. Further, we allow businesses to leverage their existing customer base and give their following the opportunity to invest in them while actually seeing a regular monthly return for doing so, building their brand, and gaining new customers in the process.
We’re excited to be partnering with JobsInTheUS to bring bonds to businesses in the Northeast.