Assisting Small Businesses Amidst the COVID-19 Pandemic
A large portion of United States’ 30 million small businesses are seeing revenues drop as people comply with their state’s COVID-19 quarantine and containment practices. There’s been a trend away from small, local businesses in the past decade; in an event such as this, we’re reminded why we need small businesses so much and how much they give.
In an effort to lessen the impact of the crisis, many organizations, businesses and individuals have released various relief offerings to small businesses – Fundopolis included.
Fundopolis is currently offering existing small brick and mortar businesses who can demonstrate a solid fan/customer base the ability to raise between $10,000 and $50,000 with the following benefits:
-50% reduction in our fees.
-Zero upfront fees, including a 50% reduction in escrow setup fees payable at the close of the raise rather than the beginning.
-The ability to create a debt offering both interest-free and payment-free for the first year.
We hope that by presenting these favorable terms to business owners, Fundopolis can act as an alternative or compliment to federal help during this time.
Though the public markets have negatively been affected by the COVID-19 Pandemic, according to Crowdfund Capital advisors, people are still investing in small businesses via online platforms. Since February 12th – when the pandemic started affecting public markets – over $12M has been invested in over 320 companies by more than 31,000 individuals. This is an increase from last year when $9.8M was invested into 227 companies by 11,000 individuals. Equity crowdfunding is in a unique situation to provide small businesses with capital funded by those who truly love what they do during these trying times.
In additional to equity crowdfunding, small businesses can seek relief through the U.S. Small Business Administration through SBA Disaster Assistance loans, SBA-backed paycheck protection program loans and emergency $10k grants. The U.S. Chamber of Commerce Foundation also lists programs providing financial assistance nationally and on a state level.
Startups and small businesses will play an important role in bringing life back to local economies while providing valuable jobs when this Pandemic is through. We at Fundopolis are doing as much as we can to lessen the burden on the small businesses we need, but Fundopolis is just one company. The crowd, however, is a force to be reckoned with. Help us spread the word on our special offering and get small businesses the capital they need to survive and return them to the place where they belong: our country’s lifeblood.