Hartford Business Journal

12 Hartford Business Journal • June 15, 2020 • www.HartfordBusiness.com FOCUS: SMALL BUSINESS CT small biz advisor sees major spike in demand amid pandemic Q&A talks with Joe Ercolano, state director of the Connecticut Small Business Devel- opment Center (CTSBDC), which provides no-cost business advising to small business owners and entrepre- neurs to start and grow their business in Connecticut. Q. How has the coronavirus impact- ed the CTSBDC, including the types of services you provide? A. With the tremendous need for aid during this pandemic, the CTS- BDC has worked with our national partners to ensure our clients have access to all of the federal and state funds that are available. Through our connection to the U.S. Small Business Administra- tion and other federal entities, and the Connecticut Department of Economic and Community Develop- ment, we are making sure that our clients are aware of the financial opportunities, and assisting them through the application process. Through May we have helped our clients secure more than $28 million in COVID-19-related funding, with $25 million more in the pipeline. Year over year from March 6 to May 31, we have seen an increase of more than 170% in the number of small businesses receiving advice from the CTSBDC. As the federal aid packages were announced, we received more than 600 new requests for business advis- ing from March to May as businesses looked for eligibility guidance. Most recently, the advising has shifted to focus on how the funds can be used, how to apply for for- giveness if allowable, and how to pivot and reopen their businesses. Q. What are the main questions and concerns small businesses have come to you with related to dealing with the state's economic slowdown? How bad have small businesses been impacted by the pandemic? A. Businesses have been signifi- cantly impacted and those that did not have a six-to-12-month reserve are hurting the most. The questions have been all over the board and have included: • How to obtain immediate access to emergency funding and for- giveness if applicable. • Human resources questions relating to unemployment. • Securing financial stability in six, 12 and 18 months. • Ways to pivot the business model, operations, including the physical setup, and marketing and sales strategies. • Supply chain challenges and distribution channels. Q. What are your top three sugges- tions for how businesses can cope with the current economic environment? A. First, keep track of your cash and cash flow. Next, forecast to the best of your ability how your business will rebound, and use that to create a forward-looking marketing, staffing and budget plan, and track results against that forecast. Finally, think of all the ways you may be able to serve your existing customer base and even potentially attract new customers within the limits of the restrictions placed on your class of business. Q. What can companies that have seen a steep drop in revenue do to survive? A. Businesses must utilize the available aid and scrutinize their cash flow. The Paycheck Protection Program was designed to cover the burden of payroll as it is the biggest cost a business can face. Companies must also adjust their costs accordingly. Go through every expense line and see where there is Joe Ercolano State Director, Connecticut Small Business Development Center Continued on facing page >> GO TO >> HARTFORDBUSINESS.COM/HBJ-EVENTS CLICK ON CSUITE AWARDS OR LIFETIME ACHIEVEMENT & NOMINATE! & NOMINATIONS NOW OPEN | DEADLINE 7/9 PLATINUM SPONSORS: GOLD SPONSOR: SILVER SPONSOR: VENUE SPONSOR:

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