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All businesses (for profit & non-profit) have been impacted in some way by the Coronavirus/COVID-19.  Many are discovering their business interruption insurance does not cover this type of disaster since their loss of business does not stem from physical property damage. Most will not survive without financial assistance from one or more sources. 

 

Dillard Capital is directing all of its personnel and resources to assisting its current and new clients navigate the SBA Economic Injury Disaster Loan (EIDL) program; the CARES Act SBA 7(a) Loan program providing Payroll relief; and, development of a Strategic Plan for their businesses post-Pandemic.

SBA EIDL PROGRAM ASSISTANCE

The SBA has established an on-line loan application process for businesses negatively impacted by the COVID-19 Pandemic. The loan funds come directly from the U.S. Treasury and NOT through a bank. [Go to SBA-EIDL for more specific information].  Completing the on-line application is the first phase. The applicant does not request a loan amount in this initial step. A SBA loan officer will be assigned to each applicant and he/she will determine the amount of loan qualified and will be in contact with applicant or appointed representative for more information.

Dillard Capital is prepared to serve as your appointed representative and, promptly, submit the completed loan application on-line on your behalf. Subsequently, as your appointed representative, Dillard Capital will put forth to the SBA loan officer, when contacted, the strongest case documenting your business’s:
 

  • Eligibility for the loan;

  • Negative impact of disaster;

  • Quantifiable economic cost (loss);

  • Credit worthiness;

  • Repayment ability; and,

  • Inability to get credit elsewhere. 

 
Also, Dillard Capital will negotiate with the SBA loan officer to avoid “over-abundance” of collateral which will affect the business’ ability to arrange 

 
 

CARES ACT SBA 7(a) LOAN PROGRAM ASSISTANCE

The CARES Act provides relief to small businesses, including $349 billion for Small Business Administration (SBA) loan guarantees and subsidies. These loans are intended to cover the cost of payroll-related and other expenses arising from maintaining pre-COVID-19 employees and compensation levels for the eight-week period after the funding of each loan.


NOTE:  The CARES Act specifically allows borrowers to obtain loans under both the CARES Act and the EIDL program, so long as funds from the EIDL program are not used to pay for allowed uses under the CARES Act.


Similar to the existing SBA 7(a) loan program, borrowers will obtain loans directly from existing banks and lenders enrolled in the SBA 7(a) program (or other lenders approved by the SBA), and the loans will be guaranteed by the SBA. [Go to CARES ACT SBA 7(a) for more specific information].


If you have questions about small business loans related to the CARES Act or the EIDL program or would like assistance in the preparation of any loan request, please contact Dillard Capital. Dillard Capital is working with various banks and alternative lenders to expedite CARES Act SBA 7(a) Relief Loans.

 
STRATEGIC PLANNING FOR POST-PANDEMIC

Pre-Pandemic business plans are likely no longer operable. Many businesses are in survival mode; others have closed and may never re-open. It is imperative business owners prepare NOW for the Post-Pandemic recovery period and the challenges that will be presented. So many questions need to be addressed:

How long will it take for critical infrastructure to provide a semblance of business-as-usual? How will the business’ market and clientele change? How long will it take for a business to emerge from this period of disruption in as close to a healthy state as it was prior to the event? How can a business emerge in an even more competitive position? What financial resources, personnel and equipment will be needed and where can these be sourced? Should I close, sell, merge or expand through acquisition the business?

Dillard Capital, in conjunction with the Peakstone Group are prepared to work with you to address these relevant questions; develop a Post-Pandemic strategic plan; and, assist in executing the plan. Remember. What is a crisis to one person may be viewed as an opportunity to another.