Most large corporations have some debt as a standard financing practice. Depending on the economic situation, debt financing can be far cheaper than investor financing. But for many small businesses, having to service debt each month can mean the difference between taking home a paycheck or not, hiring one more employee or working extra hours, or paying your bills on time. Cash is oxygen to small businesses, so you can, and should, pay down your debt. Here are several ways in addition to sacrificing income, new hires, and personal time.

The US Small Business Administration (SBA) Debt Relief

From the SBA website: “The SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020.” If you have one of these loans, you do not need to apply for this assistance. According to the SBA, assistance will be automatically provided as follows:
  •  Loans not on deferment, SBA will begin making payments with the next payment due on the loan and will make six monthly payments.
  • For loans currently on deferment, SBA will begin making payments with the next payment due after the deferment period has ended, and will make six monthly payments.
  • For loans made after March 27, 2020, and fully disbursed prior to September 27, 2020, SBA will begin making payments with the first payment due on the loan and will make six monthly payments.
SBA borrowers should contact their lender for answers to specific questions about this payment relief plan.

SBA Economic Injury Disaster Loans (EIDL)

On June 15, the SBA announced that the EIDL program is open again. Small business owners in the US, including Washington D.C. and territories, can apply for an Economic Injury Disaster Loan advance of up to $10,000. This loan advance will not have to be repaid. Recipients do not have to be approved for a loan in order to receive the advance. The amount of the loan advance deducts from the total SBA loan eligibility.

Corporate Assistance

That’s right: corporate America is helping out America’s small businesses. Here are just a few examples of US enterprises lending a helping hand to small businesses. While such help is generous, keep in mind that it is in these corporations’ best interests to help out the small businesses that put money in their bank accounts. For example, Morgan Stanley's Brian Nowak estimates small businesses comprise 30% to 40% of Facebook's overall advertising base.
  • Facebook is offering U.S. small businesses $40 million in grants to help them navigate the coronavirus crisis. Go to to determine if your business is eligible. They also rolled out additional features to help small business owners. Facebook now lets business owners to start a Facebook personal fundraiser for their own business. So they can ask their most loyal customers for help with operating costs during the crisis. In addition, they made it easier for businesses to communicate temporary service changes — like changes in open days and hours — to their customers.
  • Lowe’s has put up more than $50 million in various types of relief funds for small businesses since the COVID19 pandemic hit the US. In this latest round of funding, the company will “offer small business grants through some of the company's key partners. Including its supplier diversity network. The funds will also expand support to small business home improvement professionals.”
  • Vistaprint, Facebook, Verizon, and others offer grants that can help keep your small business afloat during the coronavirus crisis. Companies can qualify for these grants if they have 3 - 20 employees. Located in an economically vulnerable community, and have been impacted by the COVID-19 crisis.
  • Finally, here’s a guide of all the companies (as of this writing) offering small business assistance in many different ways to help America’s small businesses weather this storm.
Regardless of how you do it, whether you listen to Clark Howard or Dave Ramsey, what you need is a plan. Now that you have a few more tools in your belt, you can make that plan to pay off that debt and free up that cash.
The COVID-19 pandemic and the resulting economic storm has led to immense financial and societal adjustments. When Congress introduced and passed the PPP initiative in just a matter of weeks, SBA lenders of all shapes and sizes were inundated with loan applications. Which are now translating into loan forgiveness applications.

Schedule a Demo The clearest market development from 2020 is that banks, credit unions, and alternative lenders must be prepared to do business electronically with any segment of their customer base. We are happy to provide a solution that any bank or credit union can implement in very short order.

The Classic “Build or Buy” Decision

Banks and credit unions have the choice to build their own technology solutions or license a software solution from a financial technology company. This decision isn’t new. Financial Institutions have been making this fundamental decision for decades. However, today, the stakes are higher. The speed of technological improvement has increased by orders of magnitude over the past 5 years. If a business — not just financial institutions, but any business — chooses to build a technology solution in-house, they have total ownership and control over that solution, but they also bear the responsibility to ensure what they develop is delightful for their customers, and “doing software well” is not a core competency of many banks. For financial institutions to produce software their clients love, they have to be all-in and that requires more than just capital. It requires human capital and cultural shift as well.

Financial Technology Solutions Require Core Integration?

Whatever the decision the financial institution makes, the core technology behind the financial institution’s operations must integrate with the new technology. This single point of consideration must be accounted for in any financial institution’s technology solution. Or does it? At FINSYNC, we’re thrilled every time we’re in discussions with a financial institution, and they move to the next step of integrating our technology with theirs by asking “what sort of core integrations are required?” “None.” That’s where the conversation changes significantly. Our technology solution for banks and credit unions requires zero core integration. Lenders who chose our PPP Loan Forgiveness solution were up and running within 24 hours. No calls to the IT department.

Solving the Real Financial Technology Problem

The real problem in FinTech is not the technology itself, but the recognition that most, smaller financial institutions simply don't have the research and development budget to build their own technology solutions for their business customers. Furthermore, core banking providers cannot deliver products that delight users and win customers from platforms that are rapidly building their own networks. Add to that the fact that QuickBooks, among others, actually compete with the banks that recommend and refer new users to them. Like Square, Intuit, the company behind QuickBooks, offers business financing as well as merchant processing, payroll and other products that compete with services traditionally-purchased through FIs. Ultimately, when a bank or credit union refers their business customers to other technology providers, the lender loses non-interest revenue but may also lose interest revenue and most importantly, the daily relationship with the business. FINSYNC’s solution to this problem is our new Charter Membership Program for financial institutions. Charter Member lenders get instant access to our payments network. An online financing application with a connected underwriting portal, and cash flow management solutions that help banks win more business and grow more profitably. All of these tools are available to any bank or credit union with zero core integration required.

The Zero Core Integration, Plug-and-Play Solution

Now lenders can simply sign up, and immediately offer their business customers a full suite of financial solutions: Payments - FINSYNC is the Zelle alternative designed for business. Your customers can pay and get paid on the same platform. Online Financing - Instead of competing, work together. Accept applications electronically. If an application doesn’t fit your credit box, you can optionally refer out within the network. The new way banks and alternative lenders work together to back growing businesses. Accounting & Cash Flow - FINSYNC is the QuickBooks alternative. Increase brand value and business longevity with the only complete solution for cash flow management

Generous Revenue Share

Charter Members receive a generous 30% revenue share on all FINSYNC products and services delivered through your financial institution. Based on our customer experience, the average annual revenue per business customer would be approximately $480. That number is an average, based on a small business with 15 Employees on Payroll, 2 pay periods per month, 30 ACH transactions per month, 30 Checks or Lockbox transactions per month, and approximately $15,000 in monthly charge card volume. Do those numbers match up to your standard customer profile? If so, schedule a personalized demo at your convenience.
Services FinSync Quickbooks Gusto Expensify TSheets Harvest
Bill Pay
Expense Reimbursement
Time Clock
Time Sheets
Cash Flow Management