A lot of companies are struggling to figure out how to respond to the economic crisis that was precipitated by COVID-19. Should they cut staff or should they furlough them (and what’s the difference)? Should they ask people to take a pay cut? How much should they be cutting back on marketing and other expenses? What can they negotiate with their landlord? What are the federal programs that might support their business through this? How can they apply for the new PPP (Payroll Protection Plan) SBA loans?
It’s a lot to take in. At Foundry we’ve been having daily briefings, calls and email updates with our portfolio to try to stay on top of it. That’s great for the companies that have access to resources like this, but what should you do if you’re a small business that isn’t a part of a network like ours? The vast majority of small businesses aren’t venture-backed. The vast majority don’t have a CFO or senior level financial professional to help them out.
Today we’re launching the COVID-19 Finance Assistance Network (yes, it was named by finance pros, not marketing ones…). In partnership with Lew’s List (which those in the Denver area will know is a long time networking and finance jobs group with over 11,000 members run by Lew Visscher) and High Plains Advisors (a local advisory services business). We’ve assembled a group of experienced CFOs, controllers and other finance professionals to help small businesses navigate through the crisis. It’s a free service – people are volunteering their time to help out.
If you’re a business looking for help you can click through the link above, fill out a short form with some basic information on your company and we’ll get in touch with you to connect you to a financial pro who can help out.
Please help us get the word out about this. This is open to all businesses who have been affected by the COVID-19 economic crisis (restaurants, retail, services companies, etc). I recognize that many of these companies will be outside of our traditional networks (and geographies). Let’s make sure they know that this service is available to them.
This story and others on New Builders Dispatch are made possible by a sponsorship from the Ewing Marion Kauffman Foundation. The Ewing Marion Kauffman Foundation is a private, nonpartisan foundation that provides access to opportunities that help people achieve financial stability, upward mobility, and economic prosperity – regardless of race, gender, or geography. The Kansas City, Mo.-based foundation uses its grantmaking, research, programs, and initiatives to support the start and growth of new businesses, a more prepared workforce, and stronger communities. For more information, visit www.kauffman.org and connect with www.twitter.com/kauffmanfdn and www.facebook.com/kauffmanfdn.