As Coronavirus spreads and we foresee an immediate crisis, at Camino Financial we want to send you an encouraging message.
Just a couple of months ago, none of us had ever heard of Coronavirus or COVID-19. Now, the spread of the virus has changed the global landscape dramatically, causing fear and doubt among consumers and business owners. What does the future hold in store for us? What are the short and long-term effects on small businesses in the United States?
From Camino Financial, we have an encouraging message for you: ensuring your security and the stability of your business is our top priority during the crisis caused by Coronavirus. We understand your concern, and we are on your side. Together we will do our best to secure your company and finances during the months to come.
First and foremost, you must keep calm and informed. The purpose of this post is to provide you with measures to ensure your business’ stability.
While other financial institutions turn their backs on you when you need them most, we fully intend to pursue our mission to help small business owners. We stand to our motto: “No Business Left Behind.”
I invite you to watch this video where I share Camino Financial’s position during the COVID-19 crisis and the initiatives we are taking to help the community of small business owners:
How Is Coronavirus Affecting Small Businesses?
The alarm set by Coronavirus is not only affecting American macroeconomics: small businesses are feeling the ripple effect too, particularly those in densely populated areas, such as Los Angeles and Miami.
You may be noticing fewer customers, especially if you don’t sell essential goods or if you run a restaurant. Moreover, shipping delays and temporary factory shut-downs all over the world are making it difficult to get parts or inventory.
Above all, residents, alerted by the new situation, are staying home and changing their shopping habits. They have not only shifted their need to different products but also shop online when possible. This will have an effect on the way small businesses operate and on their profitability.
As a result, your business may experience a decrease in the cash flow it needs to cover daily operating costs and, consequently, your profits may drop. The implications could be even more serious for Latino business owners: most of them are not well prepared to be resourceful when there are no immediate sales and are left without a financial cushion.
Until when will we notice the impact of Coronavirus on small businesses in the United States? We expect the immediate effects will last until June or July. Nevertheless, we should be prepared to face long-term changes since the consumer landscape could be reshaped indefinitely.
How Can Camino Financial Help Your Business During the Coronavirus Crisis?
Think about this: a crisis can give you the opportunity to adapt, fortify your business, and successfully overcome any situation. You can make the most of the current circumstances and position your company properly: your business will be prepared to overcome uncertain times and any future crisis.
At Camino Financial, we know it is possible: we know adversity and how to conquer it. As Latinos, each challenge makes us stronger.
This is what we can do for you:
1. We will assess your business: We will evaluate your business to see if it is financially prepared to cope with the slowdown that Coronavirus will cause in the next 3 or 4 months.
2. We will provide you access to capital when you need it most: After the assessment, you may qualify for a business loan that you can use as a bridge loan until the situation is stabilized.
What is a Bridge Loan? It is a business loan that gives you quick access to capital at a critical moment so that you can meet the financial obligations of your business without suffering cash shortage. In other words, it’s a financial “bridge” that allows you to cover your cash flow needs while you wait for long-term funds.
These are some of the most relevant features of our loans:
- Receive your funds quickly. You will immediately know if you prequalify. If your loan application is approved, you can receive your funds in just 2 business days. This point is critical and sets us apart from other lenders. By receiving your funds quickly, you will be able to capitalize on your business and avoid the effects of the crisis
- Make fixed payments for 24 to 36 months. These payment terms are longer and more favorable than those other lenders and credit companies may offer you. They usually require daily or weekly payments for 12 months or less.
- No need for collateral to secure your loan.
- No prepayment penalties: you can pay the remaining balance of your loan whenever you like.
- No hidden fees. You will just need to pay a closing fee.
- No minimum credit score or credit history at all to apply for a business loan. Our requirements are flexible.
We invite you to read all you need about How to Use a Camino Financial Loan as a Bridge Loan.
The time to act is now: in just a few days, you could get the funding you need to prevent your company from suffering the impact of Coronavirus and to position it properly.
3. You will have access to additional resources to be kept up to date during the crisis: While the crisis lasts, our team of experts will post relevant content in the form of videos, infographics, and useful articles, as well as a special newsletter on Coronavirus with the latest updates. Our goal is to keep you posted to guarantee your safety and ensure your business has the best resources under any circumstance.
At Camino Financial, we understand your concern and we are on your side
You can rely on us today and always. We are more committed than ever to continue helping small business owners.
As partners, you can rest assured your business will have all the needed resources not only to overcome the Coronavirus crisis but to also get stronger and outlast future challenges.
At Camino, we share a “we shall overcome” spirit that keeps us calm and optimistic. We will remain vigilant and keep you posted on the progress of the situation. We are confident that together we will get through this challenge successfully.
We cannot control Coronavirus, but we will not let Coronavirus take control of your business.
Together Moving Forward,
Sean Salas, CEO of Camino Financial.