SBA Administrator highlights federal assistance and ongoing struggle for businesses in Wilmington
From: Delaware Public Media The head of the Small Business Administration visited Wilmington Monday to highlight programs to help businesses survive the pandemic.
SBA Administrator Isabella Guzman joined Sen. Chris Coons and Congresswoman Lisa Blunt Rochester at Stitch House Brewery on Market Street.
The brewery was one of about 50,000 Delaware businesses that received financial help from the SBA during the pandemic.
Rob Snowberger is one of Stitch House’s owners. He says the business got two rounds of PPP loans, a COVID-19 Economic Injury Disaster Loan and money from the Restaurant Revitalization Fund.
But Snowberger hopes the federal government will offer more low-interest loans for businesses in the future—because he’s not sure how commercial lenders will react to the fact that his business debt doubled during the pandemic.
“Ultimately, we don’t know what the consequences [will be of what] we did borrow to stay alive — what the consequence of that will be on our balance sheet,” he said. “Not only that, but when you have negative numbers for so long, you’re not exactly bankable.” Read more