The recent COVID-19 outbreak damaged many businesses and local entrepreneurs. According to CNBC, more than 7.5 million firms risked financial ruin in the past couple of months. Additionally, nearly 30 million people lost their jobs, citing The Wall Street Journal. The State reacted by developing a relief procedure called CARES, which helps businesses alive during the ongoing economic crisis. Nevertheless, some small family companies weren’t eligible to access the funds. Here’s where MoFi intervened.
What Is MoFi?
MoFi is a financial organization involved in community improvement. The non-profit institution operates in the Northern Rocky Mountains, and it offers loans to small businesses, freelancers, and communities.
The foundation dates to 1986 when, under the name of Women’s Opportunity and Resource Development (WORD), it helped women boost their economic significance. However, as the organization grew, it created different branches over the years. Today, MoFi helps people financially and offers entrepreneurial consultation to local businesses.
How Does MoFi Operate?
After the global pandemic damaged the economy and hit small companies, the State launched the Coronavirus Aid, Relief, and Economic Security act (CARES). The new law promotes financial relief for those companies that were affected by COVID-19. However, not all establishments could access the Paycheck Protection Program (PPP). For that reason, MoFi offered up to $250,000 to family businesses in Montana, Wyoming, Idaho, Oregon, and Washington that can’t access bank loans. Struggling firms such as restaurants or custom essay services and an assignment help use the fund for PPP, which allows them to keep the business running and employees paid. Additionally, individuals use money for mortgage interests and business salaries.
In the last few months, MoFi aided 800 firms to access the PPP, while $100 billion is available for loans.
Another Local Business Failing
The Unparalleled Movement is a parkour gym located in Missoula, Montana. Because of the pandemic, the owners, Kent Johns and Micah Marino, announced on Facebook that they were closing their gym on West Spruce. Many clients and followers were saddened, but the MoFi intervened by helping the gym shift its physical aspect to a digital one. Unparalleled Movement is now still partially active through online lessons. Of course, it’s not the same thing as going to the gym and receiving advice on the spot while practicing in a custom parkour environment.
On the other hand, virtual classes can offer you up to 90% of what a regular lesson could. Also, at the very least, you’re not interrupting your parkour lessons. As for the business, the employees get some financial support and aren’t left unemployed and unpaid. Finally, the online classes leave the possibility of reopening the physical location in the future because they keep the firm up and running.
Opening A New Small Business
After offering a limited yet much needed financial cushioning to the Unparalleled Movement, MoFi helped a group of entrepreneurs open a brewery on 200 Block of W. Main St. in Missoula, Montana. The Cranky Sam Public House opened downtown at the beginning of May.
Dan Glaser, the president of MoFi, has declared that the non-profit institution encourages more businesses to access the PPP funds until the budget ends. He continued by urging small and troubled companies that couldn’t apply to PPP, to contact MoFi and save their practice and their employees’ jobs.
How To Apply To MoFi
If you are one of the local activities that struggle with mortgage, payroll, and utilities, here’s a mini-guide to apply to MoFi.
First, you have to access MoFi.org and find the “Apply for a PPP loan” section.
- If you are a sole proprietor, download the first document (available in Spanish too), print it, and fill it up. Submit it to the link in the “Step 2” section.
- If you are not a sole proprietor, you can access the second group of links in the same progression.
The difference between a sole proprietor and a non-sole proprietor is that the first one is the only one who owns the firm. The second has partners or co-owners.
You’ll need your activities’ documents near you as the application form requires precise and official information. For example, the questionnaire requires your employee’s average payroll.
Don’t forget to read the whole document and double-check it with someone in case you forgot any data.
Keep in mind that your entity needs to function in the Northern Rocky Mountains, in Montana, Wyoming, Idaho, Oregon, and Washington. Otherwise, it’s not eligible for MoFi’s PPP.
How To Keep Your Business Active In The New Economy
The economy has changed dramatically since the beginning of the pandemic. Many businesses closed, and others are struggling every day to keep up with their employees’ payroll and other debts and utilities. These firms need to adapt to the new dynamic and demands of the market. Here are some fundamental tips to keep your business thriving, even in a tough situation.
- Keep investing responsibly. Even in rough times, you still need to have access to funds. Whether it’s from personal savings or loans, your business needs to be modern, and your payments need to be up to date. Make sure that you have a financial backup and get informed on ways you can obtain that.
- Create the perfect team. Select the people who are in tune with your business vision and who are hard workers. If you want your activity to expand, your crew needs to share that objective with you. Sadly, sometimes that means restructuring the entire company.
- Be social. Expanding through the virtual realm means reaching more people and growing your business. Facebook, Instagram, Twitter are a couple of platforms that can help you increase your company’s reputation. Encourage your clients and employees to share selfies and tweets at your location. People like to feel connected and included with the businesses that provide services for them.
- This tip relates to the previous one. You want your business to be transparent in the eyes of your potential clients. Ask your customers to give feedback and reviews of your services. This way, your visibility increases along with your reputation. Feedbacks are useful for improving services too. Why would a client want to try your product if your reviews suggest that the quality is not optimal? Use feedback as a way to understand the most popular demands.
- Invest in technological advancement. If you look at the businesses least affected by the pandemic, you’ll find that the ones digitally advanced were less damaged than the more traditional ones. The sites that offer essay assistance or the best dissertation help had no trouble in adjusting to the dynamic of the market. The only thing that changed is the number of clients because most of them switched to a slower school schedule that allowed them to work from home. Nevertheless, digital devices, networking software, and social media had never been this efficient and essential. So, consider educating yourself and your staff on new software technology that can help you stay connected with your clients.
Conclusion
MoFi is one of the many non-profit organizations that offer financial help to small businesses affected by the pandemic. If you are one of the distressed family activities, consider applying for PPP through MoFi. Lastly, don’t forget to upgrade your business by expanding it physically and digitally.
Author’s bio:
Tiffany Harper is a freelance writer who helps https://dissertation-today.com/ and Dissertation-today.com with their blogs and social media content, which is one of the top essay writing services. She likes writing essay papers and providing custom consulting services. During her free time she is doing fitness and jogging.
Sources:
https://www.mofi.org/paycheck-protection-program-loan/
Other Sources:
https://www.mofi.org/news/nonprofit-lender-mofi-provides-covid-19-relief-to-small-businesses/
https://www.investopedia.com/articles/pf/09/keep-small-business-afloat.asp