adapt as the “next normal” emerges? HOWWILL CALIFORNIA BUSINESSES
As businesses across California start to reopen after months of lockdown, a question lingers for many: What does this mean for the future? A lot of businesses were already running on narrow margins before COVID-19, so for some, it means pivot their business model or risk closing their doors permanently. CB&T Senior Vice President and SBA Lending Manager, Gloria Miller, agrees that it may be hard to predict the next steps for many businesses during the evolving COVID-19 environment, but it strongly depends on whether the organization was negatively affected.
“I would suggest businesses wait and see or go into more of a defensive mode,” Miller said. “Now is not the time to make big expenditures. It may even be a time to see how it goes or hunker down. However, if a business is unaffected by COVID-19, I certainly wouldn’t tell them to deny a good opportunity as interest rates and commercial real estate [prices] are low. It depends on the business, its liquidity and resources.”
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