Tag: Small

U.S. small businesses face mass closures without more pandemic aid

By Ann Saphir and Jonnelle Marte

OAKLAND, Calif./NEW YORK (Reuters) – After surviving two strokes at age 27, Olivia Colt threw herself into starting a catering business, a lifelong dream. Ten years and another stroke later, she had built Salt & Honey Catering Plus Events into a thriving operation in downtown Oakland.

Now with the coronavirus pandemic forcing cancellations of her customers’ weddings and events, she has slashed her staff from 25 to six and tried to drum up new business by selling groceries online. She secured a $100,000 forgivable loan under the U.S. Paycheck Protection Program (PPP) and another

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Public Stakes in Small Firms

(Bloomberg) — European policy makers who frantically assembled plans to help their economies weather the coronavirus lockdowns are starting to focus on how to prevent cascading bankruptcies that could derail the rebound.

The next big idea gaining traction among officials and economists is potentially taking stakes in small and medium-sized businesses, in contrast to early efforts that relied heavily on loans to keep corporations afloat.

The European Commission and the Bank of England have both floated the concept, and France’s finance ministry is examining the option. So is Germany’s economy ministry, according to a spokesman. The nation’s DIHK business association,

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Austin-based PeopleFund Gains Capital To Help Small Firms

AUSTIN, TX — Opportunity Finance Network — a leading national network of community development financial institutions — announced on Thursday that Austin-based PeopleFund was recipient of capital to support small businesses amid the coronavirus.

PeopleFund was one of four community development financial institutions (CDFIs) benefiting in the first round of Grow with Google Small Business Fund loans and grants from Google.org, officials said. PeopleFund will use the capital to support small businesses in its service area that were the hardest hit from economic loses stemming from both coronavirus and civil unrest stemming from police abuse protests, according to a news

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