Small Business News

Stopping Coronavirus: Changes Begin with You

With your help, the Veterans Owned Business Roundtable is doing everything possible to continue offering support and information to serving those who served. The best way you can help stop the spread of coronavirus is to heed health warnings and spread optimism.

What’s New

Until further notice, all VOBRT board meetings, mentoring, or “face-to-face” meetings will be held via conference call, videoconferencing or GotoMeeting. We encourage you to incorporate video conferencing as part of your own communication strategy.

We will continue to schedule webinars and live-stream events. Let us know of any industry related topics you are interested in or if you want to share your experiences with other veterans. The VOBRT provides industry experts with training, access to third-party services and an audience to host future webinars. Click here to apply.

Behind the Lines

You may feel like your business is dodging bullets lately, but you’re not alone. There’s plenty of support for veterans in the financial community and some organizations go above and beyond.

Fifth Third Bank offers customized mortgage solutions and special checking accounts are standard. What’s truly exceptional is their support of the Veteran Development and Leadership Corporation (VDLC) and the upcoming Access to Capital and Financial Resources Program for veterans. Small business loans usually require some form of collateral or an established credit record. The goal of the program is to help veterans increase their viability for funding by establishing their business credit.

The Small Business Administration (SBA) is sponsoring low-interest loans to companies debilitated by COVID19 2020. The Economic Injury Disaster Loans do not go through any bank; they are federal government-sponsored:

• Applicants can have an existing SBA Disaster Loan and still qualify for an EIDL for this disaster, but the loans cannot be consolidated.
• Apply directly to SBA’s Disaster Assistance Program at DisasterLoan.sba.gov.
• Eligible entities may qualify for loans up to $2 million.
• Interest rates are 3.75% for small businesses; 2.75% for nonprofit organizations. Terms available up to 30 years.
• Small businesses directly affected by the Coronavirus are eligible. This includes:
  • Charter boats
  • Hotels
  • Manufacturers
  • Most private non-profit organizations
  • Recreational facilities
  • Rental property owners
  • Restaurants
  • Retailers
  • Small agricultural cooperatives
  • Small aquaculture businesses
  • Souvenir shops
  • Sports vendors
  • Travel agencies
  • Wholesalers
• The maximum unsecured loan amount is $25,000.
• There is no cost to apply.
• There is no obligation to take the loan if offered.

Coronavirus disaster loan information and application forms may be obtained by calling the SBA’s Customer Service Center; 800-659-2955 (800-877-8339 for the deaf and hearing impaired) or by email: [email protected].  For the nearest SBA office, visit https://www.sba.gov/local-assistance.

How VOBRT Touches Your Life

We’re changing what we feel needs to be changed. What won’t change is our mission to:
• Advocate for veteran-owned businesses
• Connect veteran-owned businesses to opportunities
• Create networking opportunities for veterans to market products and services
• Mentor veterans by connecting them with experienced and knowledgeable business mentors

You Can Make a Difference

The VOBRT needs you now more than ever. We are putting plans in place to meet new economic challenges head-on. Join a committee. You can drive the future for many deserving veterans. A small amount of donated time can yield big results.
This is a good time to strategize; a good time to put plans in place for what will be a huge economic rebound in our country. To learn more about the VOBRT, call 586-722-1557 or contact us today.