The 6 Chambers of Commerce in Kitsap County are asking the same question of our members to provide both local and countywide insight into what our business community is experiencing. Each week, we will do a drawing and gift card giveaway for an eligible survey participant. If you are a member of multiple Chambers, please complete only one survey for your business each week.
Results from Last Week's Survey:
In 2019, if you knew that the pandemic was coming,
what would you have done differently?
Small Business Flex Fund
The Washington State Department of Commerce this week launched a new Small Business Flex Fund. The Fund is a public-private partnership aimed at helping small businesses and nonprofits – particularly those in low-income communities – recover and grow as communities reopen for business. Gov. Jay Inslee in November 2020 approved a foundational investment of $30 million for Commerce to create a recovery loan program. Commerce is partnering with several financial institutions and community-based organizations to lend $100 million or more to small businesses and nonprofits with fewer than 50 employees and annual revenues of less than $3 million.
Qualifying businesses and nonprofits can apply for loans up to $150,000. Loans are available in 60- or 72-month loan terms at interest rates between 3-4.5%. The Fund works with and through local Community Development Financial Institutions (CDFIs), which serve under resourced communities and underbanked businesses the Small Business Flex Fund aims to help. Interested applicants pre-apply on the Flex Fund’s online portal and, if they qualify, will be matched with a lender. Once matched, the participating lender will assist the business owner throughout the application process and provide additional advisory support. If a business doesn’t qualify, they will be connected to a trusted community organization that can assist with finding other resources. For more information and to apply, visit smallbusinessflexfund.org.
How to Get More ROI from Your Social Media
When business owners complain that their social media efforts aren't paying off and they just aren't seeing a return in their investment of time, it’s usually because they’re using the Jackson Pollack approach to social. They’re simply “flinging” paint on a canvas. There’s no goal behind what they’re doing. It’s random. That approach may create beautiful art, but it rarely works for business.
Being on social media isn't enough just as you don’t become a professional ball player just by walking into a stadium. There’s hard work involved and there are things you need to do to set the foundation for using social media efficiently in your business.