Mary Beth Brooks
The University of Arkansas Small Business and Technology Development Center and the Northwest Arkansas Council are partnering on a Small Business Emergency Assistance program to support small businesses and nonprofits in the region that have been affected by the coronavirus pandemic.
“Given the current COVID-19 crisis and the consequential threat to the survival of many small businesses, this joint effort will provide a triage of services to help businesses and eligible nonprofits survive this crisis,” Mary Beth Brooks, director of the UA ASBTDC, said in a news release.
The new program will provide free services to northwest Arkansas organizations to help them with access to U.S. Small Business Administration and other federal, state and local resources. Some services are available to nonprofits that meet the SBA Office of Disaster Assistance funding requirements.
The services, provided remotely by phone or by video conferencing, will include:
- Assistance with loan applications
- Financial reviews
- One-on-one counseling
- Market research
- Educational outreach
- Business planning
- Liaison to government agencies and lending institutions
“Small businesses and nonprofits are the heartbeat of our community,” said Nelson Peacock, president and CEO of the Northwest Arkansas Council. “We need to ensure eligible organizations are aware of all the available state and federal resources and aid packages to help them weather this crisis.”
The Northwest Arkansas Council, in coordination with the Northwest Arkansas Chambers of Commerce and other local entities, will assist with staffing, communication and outreach efforts.
In addition, the Walton Family Foundation provided a grant to the council at the recommendation of Steuart Walton and Tom Walton for the new program. The organization declined to release the total value of the grant.
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