Alternative Funding Sources for the Covid-19 Crisis

The Paycheck Protection Program, the U.S. national initiative to provide loans to small companies, has mostly not reached the intended beneficiaries. There is not enough money, and loans so far have often become big businesses. The next round is beset by problems as the Small Business Administration site can not deal with the volume of requests.

Small businesses may want to consider alternative funding sources to stay afloat. What follows are some choices.

Business For All

Together with Verizon in addition to the fundraising website Hello Alice, Company For All is offering $10,000 emergency grants on a rolling basis to small businesses influenced by Covid-19.

Business For All offers $10,000 emergency grants to small businesses affected by Covid-19.

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Facebook has put aside $100 million in cash grants and advertising credits for businesses hurt by Covid-19. Up to 30,000 qualified small companies in more than 30 countries where Facebook functions will be able to get the grant. To be eligible, a company must have:

  • 2 to 50 employees,
  • Been in operation for more than 1 year,
  • Experienced hardship from Covid-19.


The standing of GoFundMe, the crowdfunding site, has suffered because some of these campaigns have been scams, especially by individuals requesting medical care. Recently GoFundMe implemented stricter practices. It now has a GoFundMe Guarantee that pledges a refund to donors once the campaign turns out to be a scam or funds are misused.

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GoFundMe does not charge a platform fee for a campaign.

The Company has established that the Coronavirus Small Business Relief Initiative. All donations are collected and handled by, the advocacy and charitable division. Partners are Intuit QuickBooks, Yelp, GoDaddy, and

Small businesses can find a $500 matching grant provided they raise at least $500 from a GoFundMe campaign. To be eligible for a matching grant, a business must demonstrate that it had been negatively influenced by a government mandate due to the pandemic. The business needs to be independently owned and operated, and the recipient must use the funds for employees or pay for ongoing business expenses.

As of April 29, the associated Small Business Relief Fund had amassed $2,377,040 in donations — with 13,138 small businesses conducting a layout. There are no limitations on how much a business can increase, and even when the goal is not reached, the business receives all the money raised.


Kiva, the non-profit micro-lending organization, makes loans primarily to small businesses in metropolitan nations. Kiva has an underwriting process and often makes loans in various countries through lender-partners (i.e., individuals, companies, organizations).

Kiva is presently making direct loans to help small businesses from the U.S. and internationally experience the Covid-19 crisis. The minimum amount from each creditor is $25; many loans are funded by many creditors. The loans are interest-free and reimbursed monthly. U.S. loans have repayment terms between 30 and 42 months, dependent on the amount of the loan.

Kiva is presently making direct loans to help small businesses in the U.S. and worldwide undergo the Covid-19 crisis.

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Additional Resources

Many states and large cities are implementing loan and grant programs for smaller companies. State and city websites should have the crucial info.

The Local Initiatives Support Corporation’s Rapid Relief and Resiliency Fund offers grants to minority and women-owned smaller companies.

Sara Blakely is founder of Spanx, a female apparel company. Her”Spanx by Sara Blakely Foundation” donated $5 million to promote female entrepreneurs and partnered with GlobalGiving (a nonprofit ) to set The Red Backpack Fund, to make 1,000 grants of $5,000 each to female entrepreneurs in the U.S. influenced by Covid-19.

Lines of Credit

For companies which have earnings coming in but need money for inventory or other operational expenses, a credit line from commercial lenders can help get through the crunch. According to credit ratings and earnings, rates can be high, however.

Some banks have been amending their usual field of credit conditions to accommodate businesses that have suffered revenue losses due to Covid-19.

Otherwise, online financing resources include the following.

  • Blue Tooth provides lines of credit to companies with poor credit ratings, but the interest rate can be rather high. Additionally, it offers term loans and invoice factoring and is an approved SBA lender for the Paycheck Protection Program.
  • Kabbage includes a streamlined application and decision process. Additionally, it’s an approved SBA lender for the PPP; an application can be filled out on its website.
  • OnDeck supplies both lines of credit and, for reduced interest rates, term loans. OnDeck is an approved SBA lender to the PPP, using an online application.
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