What small businesses can do if they're in danger of closing
HOUSTON, Texas (KTRK) -- As the pandemic carries on, many businesses across the country are still fighting to keep their doors open now that money from the federal government is drying up.
In a video from the Brazos Valley Small Business Development Center at Bryan College, director Jim Pillans discusses the different options business owners have to stay open.
Recommendations include asking suppliers to extend payment due dates, evaluating financial records to see if there are any expenses you can eliminate, and exploring what other products or services you're able to offer.
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"Small business owners are pretty creative and pretty optimistic, and if there's a way to get through there, they're going to find a way to do it," Pillans said.
He also said some business owners may qualify for the Small Business Administration (SBA) 504 refinance program and use up to 20% of the appraised value for business cash.
The SBA offers several free resources for businesses needing help, including a guide on how to apply for an Economic Injury Disaster loan.
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If you're a business owner and would like to explore these options, visit the SBA's website.
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