The Importance of Financial Readiness During COVID-19

“Financial readiness” for businesses is more important than ever during COVID-19. As we continue to provide pandemic assistance, we notice that some business owners have been unable to apply for the SBA Economic Injury Disaster Loan (EIDL) or the Paycheck Protection Loan because their financial records and books are not in order. Shelly Gross Wade, the President & CEO of FSC, first a Prince George’s County financial services corporation and now an SBA Funds Administrator, states, “Business owners need to take the time to devise a turnaround plan for sustainability. Re-evaluate their customers’ needs, update their corporate documents, automate their financial records, and by all means maintain a good credit score. How business is done in the future will be dramatically different. After Covid-19, everything must change!” To prepare, here are financial readiness tips for current business owners and anyone considering starting a business: Build a relationship with a reputable…

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