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Financing Considerations for Small Businesses
by Paul Hartmann
July 29, 2021

With COVID-19 in the rearview mirror (hopefully, soon!), the state and federal governmental assistance that many of our small business owners have received (PPP and EIDL, for example) may no longer be available. Local business financing will again be at the forefront of the necessary assistance we depend upon for growth and success. Of course, SCORE, the Small Business Administration and Small Business Development Center will still be available to help small businesses with advice.

Also, I am learning more about Nav ( did you know that businesses have a “credit score?” Seventy-two percent of owners do not know their business’s credit score! Nav offers “transparent, start-tofinish services” to help get businesses financing. Nav will explore more that 110 different financing products to recommend the right one for each client. They use a data-driven approach and can help with grants and loans up to $350,000.

During this horrendous pandemic, many businesses have diversified their offerings, become more adept at digital online options, and have reevaluated their business plans. Many of us still need to budget for supplies of personal protective equipment (PPE), perhaps that requirement should help convince our business owners to have an “emergency money supply” for unexpected expenses.

Many experts warn us that interest rates are likely to rise in 2021, so current and future borrowing should take that into consideration. We may well see credit terms tighten from suppliers, which in turn should invite a review of the terms we offer to our customers — perhaps long overdue.
On Nov. 30, the Michigan Strategic Fund approved a $10 million grant program to meet the urgent working capital needs of small businesses impacted by the COVID-19 virus. Application for grants up to $15,000 will open on December 15, 2020. The specific requirements are available at

Finally, here are a couple of suggestions:

  • “How to Find and Get a Small Business Grant” will be a onehour live webinar, scheduled to begin at 1 p.m. on Jan. 19, 2021. It will be presented by Gerri Detweiler, education director of Nav. For more details, see
  • is our website with lots of good information, and our Tip of the Mitt SCORE chapter has a new, improved Facebook presence! The chapter-level website is
About the author
Paul Hartmann
Paul Hartmann
Paul Hartmann is a mentor in Tip of the Mitt SCORE’s Gaylord branch, and can help clients with sales, operations, customer service and more.
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401 E Mitchell St.
Petoskey, MI 49770
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Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

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