University of Alabama program helps small businesses affected by COVID-19

University of Alabama program helps small businesses affected by COVID-19
Alabama small businesses have an ally in the Alabama Small Business Development Center Network, based at the University of Alabama. (The George F. Landegger Collection of Alabama Photographs in Carol M. Highsmith's America, Library of Congress, Prints and Photographs Division)

The Alabama Small Business Development Center Network (SBDC), 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 coronavirus pandemic.

In collaboration with partners across Alabama, the SBDC capital access team is working to help small businesses apply for the Small Business Administration’s Economic Injury Disaster Loan Program, which enables affected firms to apply for up to $2 million.

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. More than 2,000 small businesses in Alabama have participated in SBDC training programs, organized with statewide and local partners, designed to help businesses apply for the disaster loan.

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 facets of their operation.

“The SBDC team has a long history of helping Alabama’s small business owners overcome downturns and disasters,” said Michael Brooks, associate director of SBDC. “We’ve helped companies come back from tornadoes, hurricanes and oil spills. Our business advisers are on deck to help business owners access resources to make it through this disruption.”

For more information and updates on other programs, visit www.asbdc.org.

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