How Acquiring Funds for Your Business has Changed Since COVID-19-How Acquiring Funds for Your Business has Changed Since COVID-19

How Acquiring Funds for Your Business has Changed Since COVID-19

Video Transcription

Video Summary

Barbara from SEL Equipment Finance discusses the changes in funding and financing since the COVID-19 pandemic began in February. She highlights the shift in supply chains back to the US and the increased demand for American-made products. Barbara emphasizes the importance of understanding the types of funding needed for different aspects of a business, such as production financing, purchase order financing, accounts receivables, and equipment financing. She explains the benefits of equipment financing, such as the ability to expense up to a million dollars in equipment through Section 179 and the potential for tax savings. Barbara also provides insights on how to keep credit in good standing while recovering from the pandemic, including staying conservative, managing cash flow, and conserving credit lines. She suggests monitoring business credit reports from agencies like Experian, D&B, and PayNet, as well as personal credit reports. Barbara concludes by answering questions about loan deferments, the impact of SBA loans on additional funding, and strategies for increasing business credit scores.

Keywords

funding

financing

COVID-19 pandemic

supply chains

equipment financing

credit management

business credit scores