The Arizona Small Business Association (ASBA) released a survey to our small business community and members to reveal the real challenges that the business owners are experiencing navigating the funding opportunities.
ASBA’s survey of the small business community found,
- Nearly half of our respondents are still confused by the funding opportunities that are available to them.In an effort to support these business owners, we partnered with the Arizona Chamber of Commerce and Industry and the Arizona Commerce Authority to release a free training program that will take the participant step by step through the application process. The training session ends with an invitation to a live webinar, where you will have the opportunity to have all of your questions answered by experts. Find out more about this program at www.caresactaz.com.
- Nearly 70% of the small business owners have already submitted an application for a PPP loan.
- Many small business owners are utilizing online marketplaces to submit their applications, while others refer to their business banking relationships.
- Less than one-quarter (22%) of submitted applications have been approved.
- Three-quarters have received confirmation, but have not been notified of approval.
- 2% of applicants have been denied approval by their bank or lender.
- 65% of applicant experienced at least one challenge during their application process. The two most stated challenges were; difficulties with their bank or lender and trouble filling out the application.
- The other 35% rave about their business banker’s support and guidance during the process. A true connection with a banker seems to play a pivotal role in the experience.
- About 55% of small business owners successfully submitted an application for an EIDL through the SBA website.
- Nearly 35% of business owners do not plan on applying for an EIDL.
- Among those who have submitted an application, 85% requested the emergency, advance grant within the application.
- Most (93%) of those who applied have not heard from the SBA if they have been approved or not.
- Nearly half of the applicants experienced challenges with the application process. These applicants are experiencing lack of communication from the SBA and many are reportedly confused by the different application forms that have been released.
Nearly 70% of small business owners are positive that these programs will assist their business during and after the pandemic. 30% are uncertain that the funds will come quick enough to support their businesses.
Through these chaotic times, ASBA will continue to support the small business community by providing up to date information and resources on our website at www.asba.com/covid19 and our social media outlets.
ASBA is a Publishing Partner of In Business Magazine.
