Thanks to federal cash infusions, many small businesses in Delaware endured the COVID-19 pandemic and remain in operation. But many of those emergency protections end in May. Future fortunes are not certain in this current economic climate of high inflation and banking failures.
Elorm Ahiamadjie, the founder and CEO of Delaware Limo, wants to make sure he and other small business owners remain on solid footing. He invited U.S. Sen. Chris Coons, a member of the Senate’s Committee on Small Business and Entrepreneurship, to tour his company’s facility and meet with fellow entrepreneurs to discuss the challenges they face in this post-pandemic emergency economy.
After the tour, Coons sat with Ahiamadjie and eight other graduates of Goldman Sachs 10,000 Small Businesses for a roundtable discussion aboard one of Delaware Limo’s luxury vans.
Following the talks, Coons said two of the concerns brought up were affordable capital and workforce competitiveness.
He noted that there are still state and federal programs available to small businesses to address the difficulties they confront.
Post-covid resources for small businesses
Coons advised that obtaining financing largely begins with having a credible business plan and engaging small business development programs such as Goldman Sachs 10,000 Small Businesses and S.C.O.R.E., the Senior Corp Of Retired Executives.
“Part of what I heard from these different businesses was they’ve benefited from S.C.O.R.E., which is a free program that provides business plan consulting to help small businesses better understand their costs, their marketing, their business segment, and how can they get access to capital,” Coons said.
The Delaware statesman added that business owners should know about the federally funded state small business credit initiative. The four programs under the initiative make $60.9 million available to small businesses for seed money, equipment and capital financing. Portions of the funding are specifically for small businesses considered too risky by traditional lenders:
- a $27.5 million loan participation program will grant up to 50% of funding for small business loans for equipment and working capital
- $22.5 million for the Delaware Early Stage VC Program to support the creation of new venture capital funds with Delaware-based managers, focused on investments in underserved startups
- $7.5 million was allocated to the Delaware Accelerator and Seed Capital Program to sponsor accelerator programs dedicated to idea-stage startups, particularly those developed by underserved owners and managers
Delaware’s Small Business Development Center, referred to as the SBDC, is also a resource for small businesses that need expanded support, particularly those that have additional needs due to historical barriers, Coons said.
Advice to small business owners
Ahiamadjie said the biggest challenge as a new business owner is being able to tap into the resources while also growing your business. That may mean a business owner would need to hire employees they can trust with managing operations while they attend workshops or meet advisers, he said.
That isn’t easy considering today’s labor market, Ahiamadjie said.
“We also have challenges around hiring people and keeping them employed [like] being able to offer them benefits that will keep them with the company,” Ahiamadjie said.
He said he understands the balancing act many small business owners have to negotiate to achieve this goal, but he believes the achievement is crucial to keep a business going.
Encouraged by Coons’ visit, Ahiamadjie said one thing he learned was that representatives of local government were more accessible than he thought.
He encourages other business owners to prioritize speaking to local representatives, the Delaware SBA, and local chambers of commerce to get help and direction.
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