From left, Lori Lieblong, an employee of the U of A Small Business and Technology Development Center, and Mary Beth Brooks, director of the center, help a small business client.
The Small Business Emergency Assistance program has helped small businesses secure more than $9.9 million in Paycheck Protection Program loans and Economic Injury Disaster Loans, with more than $1.5 million in loans still pending.
Launched on March 31, the program is consulting with 551 active clients. Of those, 223 are new sign-ups. The rest are clients who had previous relationships with the University of Arkansas Small Business and Technology Center, which has oversight of the program.
“The challenges facing our new and existing clients during the COVID-19 crisis have been overwhelming,” said Mary Beth Brooks, director of the U of A Small Business and Technology Development Center, in a news release. “The vast majority were considered non-essential businesses and required to close their doors, laying off most or all of their employees. After two months of helping folks navigate the complex and constantly changing process, disaster assistance is finally being delivered.
“It is great to see businesses slowly reopen and we know it will take time to settle into the new ‘normal.’ The work is ongoing and it is rewarding to be able to help our friends and neighbors and have a real impact in the recovery of the Northwest Arkansas small business community.”
Julia Sanchez, CEO of Havana Tropical Grill in Rogers, said in the release, said the program gave her access to information and resources.
“They made the information that I found complex and hard to understand extremely easy, digestible and were a constant support,” she said. “This would have been much more difficult and stressful without their help.”
The program, the result of a partnership between the center and the Northwest Arkansas Council, also offers financial reviews, one-on-one counseling, business planning and other services. The Walton Family Foundation provided a grant to the council for the program.
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