Using adversity to build a stronger community

Personally, one of the challenges I’ve always faced deals with control. It is difficult for me to remember what I can control and what I can’t control. This can lead me to trying to change things or worry about things I really didn’t have the power to control. I think a lot of us have had a new experience with control in the last few weeks.

I’ve spent a lot of my time trying to be aware of resources available to small businesses being affected by COVID-19. I wanted to use this column to emphasize a few different resources available to small business.

Local Financial Institutions – For small businesses that are struggling because of the pandemic, it is important to reach out to your local financial institution. Federal and state regulations are changing daily and this also affects the organizations that regulate our local banks. Your local banker can be one of your best resources on figuring out options to get through this situation.

Nebraska Department of Labor – One thing reemphasized to me in the last couple of weeks of how much responsibility our local business owners have for the people they employee. It has been difficult for these business owners to think about having staff go on unemployment. The Nebraska Department of Labor has information on unemployment and their short-time compensation program that can provide part-time employment and part-time unemployment benefits. The governor has also eased the requirements on unemployment insurance eligibility. These programs can provide employees income during this time and help the business owners stay open.

Small Business Administration – SBA offers an Economic Injury Disaster Loan Program.

I would encourage you to visit your local lender first, but if additional assistance is needed this program can provide an emergency loan with an interest rate of 3.75% and term of up to 30 years.

Nebraska Business Development Center and Nebraska Department of Economic Development both have local field staff available in this area to provide guidance. If you have questions, I would encourage you to reach out to me at 308-345-1200, andy@mccookne.org or Charlie McPherson, NBDC Center Director at 308-340-0422, cmcpherson@unomaha.edu or Ashley Rice-Gerlach, DED Field Staff, at 308-655-0919, Ashley.gerlach@nebraska.gov or Dawson Brunswick at McCook Area Chamber of Commerce at 308-345-3200 or Dawson@mccookchamber.com.

At our last MEDC board meeting, we talked about what we can do for our area businesses in the short term and long term in reaction to the pandemic. We have a smaller committee that is going to meet and provide a recommendation to the full board so we can help our area businesses through this challenging time.

I would encourage you to reach out to me with an e-mail or phone call to let me know how this has affected you and what assistance could help your business.

As this is written, the federal stimulus bill hasn’t passed, but it eventually will. I’m pretty certain a part of this will provide direct payments to most American adults. If you receive money from the government, it is important you have your essentials covered. After essentials, think about what you do with the money. When you spend, think about our local businesses. This has had a major impact on many businesses and this is a time you could provide them support. Throughout the year, they support us by providing jobs, volunteering for organizations, and donating to many local projects.

Thinking long-term, eventually this will pass. I’m not sure if it will be a couple months or a year and a half. When it is over, we can bounce back stronger as a community. Last month, MEDC had our annual meeting and invited Dell Gines from the Federal Reserve Bank of Kansas City. Dell spoke to our members about developing an entrepreneurial ecosystem and creating an environment where local businesses start and grow.

Can we use this pandemic to eventually make us stronger as a community and a region?

That’s an area I can control and hope it is something we can gain after we get past COVID 19.