Some businesses, such as the Autry Museum of the American West in Los Angeles, have been able to make quick changes to operate under current pandemic circumstances. The organizations has 190 employees and is known for its content and exhibits on native voices and stories. With the shelter-in-place order in March, the museum had to temporarily close its doors to visitors. However, the organization received a Paycheck Protection Program loan (PPP) through CB&T to keep the team on payroll and help pivot its content to a more accessible digital format. “This pandemic has been a catalyst for us,” said David Cartwright, Chair of the Autry’s Board of Trustees. “It forced us to move more quickly toward virtual content, an idea that we were slowly moving toward but were forced to activate in a month. We are now able to do more online programming, utilizing social media, virtual productions and more.” If businesses are finding themselves floundering and worried about the future, Miller advises them to get ahead of the issue.
“Be proactive with your bankers instead of holding off on disclosing your finances,” Miller said. “It’s better to work transparently and be up-front about your challenges rather than waiting until you’re desperate. Depending on your needs, the banker can do a waiver and possibly a loan payment modification. Other options [include] cutting expenses and delaying expansions.” While many businesses are operating in “to be determined” mode for the remainder of 2020, Miller encourages business owners to stay optimistic. “We will come out of this situation,” she said. “You might have to work harder, be a bit more creative and patient, but it will certainly get better.”
You might have to work harder, be a bit more creative and patient, but it will certainly get better.
Gloria Miller CB&T Senior Vice President and
SBA Lending Manager gloria.miller@calbt.com
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IN YOUR CORNER ISSUE 5 | 2020
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