New York’s Jewish communities have been severely affected by the COVID-19 pandemic. Large numbers of deaths and infections have been identified in counties such as Rockland and Orange with significant Jewish population, according to state health authorities.
But the losses have not been only human, they are also reflected in the economy of New York’s Jewish community. Neighborhoods such as Williamsburg and Midwood in Brooklyn have faced restrictions on mobility and the provision of non-essential services, factors that have significantly reduced the income of local businesses.
In New York, small business profits have dropped by 20.1% and for counties like Orange, the indicator has reached 29.5% according to Opportunity Insides. Given this uncertain present for business owners, a viable alternative is to apply for a loan for minority owned businesses.
COVID-19’s impact on New York’s Jewish communities
On November 9, Rockland County had an average of 28.2 infections per 100,000 people. This figure is one of the highest in the entire state and is similar in other counties with large Jewish populations.
The situation has led to widespread stigmatization of the community, even though it does not imply a direct correlation with the number of Jewish people living in those places.
According to figures from the Jewish Virtual Library, the Jewish community in the United States is more than 7 million and in particular more than 1.7 million live in New York, making it the state with the largest Jewish settlement in the country.
Addressing this discrimination and social stigma is urgent both on health and economic issues, as they have affected Jewish-owned businesses in New York. An affordable alternative to keep companies going is to get small business loans.
Small business loans for minorities vs. crisis
Facing a crisis of this magnitude requires strategies and a plan of action to move forward. After analyzing the business situation, the lack of capital flow is one of the main problems to continue functioning.
Accessing small business loans for minorities can be helpful to face decreased incomes, whether it is to explore a new sales channel, purchase disinfection equipment to reduce the risk of transmission, or to pay for fixed expenses such as rent or electricity in case of mandatory confinement measures.
If you find yourself in this situation, consider these tips for adequate small business loan management:
- Analyze your company’s situation and identify areas that require assistance.
- Generate a budget with which you would solve these needs.
- Compare financing options and choose the institution that best suits your capacity to pay the debt.
- Have an accurate loan management
- Paying on time and in the form agreed with the lending institution, this will allow you to access larger financing in the future.
Be sure to make a payment plan before applying for a small business loan. Analyze your company’s financial solvency to identify the amount you can afford to pay each month. Keep your financial statements updated and be clear about the purpose for which you will use the credit.
The COVID-19 pandemic is far from over, and due to increased contagion, health measures will be more restrictive. It is important that your business adapts to current needs and finds the right channels to reach customers.
Remember that the companies that survive will be the most creative and innovative ones, capable of overcoming the obstacles of this pandemic. Another key factor to control this sudden increase of infections is to comply with health measures and respect the indications of the authorities.
Can you share with us how you have dealt with this pandemic and what effects you have experienced in your business or the ones in your neighborhood?