5 crucial steps to prepare a Post-Covid Funding Application
Make an honest assessment of how your situation has changed
Change is scary, and admitting you are in a weaker position now is even scarier. Lenders will uncover the new weaknesses in your brand, however, and they need to know that you know.
Make a plan to account for the changes
Funding partners want to know that you have an after-coronavirus plan. Make one. better yet, make 2; one if you get funding and one if you don’t.
Decide how much you are willing to put on the line
Are you willing to put your house as collateral? Dip into your 401K? You want lenders to have faith; how much do you have?
Work with a professionals
Now is not the time to go it alone. Get an expert, an adovocate, on your side. The post-pandemic funding world is still shaking out; you need someone who can see the changes coming.
Follow through on your plan
Follow through on what you said you would do with the funds. Shore up your business. Diversify your supply chain. don’t go back to business as usual!