The economic upheaval caused by the COVID-19 pandemic is likely to make or break many small businesses in the United States and around the globe.
Today Selva and I are requesting the support of those of you who can extend your hand to help and sustain struggling small businesses around DC Metro Area during this unprecedented crisis. Sales are dropping dramatically for most small businesses, while companies are trying to keep their employees as well as to make ends meet for their loved ones.
As you may know, small businesses have a tremendous impact on the local and the national economy. Small businesses create more jobs than large companies. In fact, according to the Institute for Local Self Reliance (ILSR), $10 million in sales at Amazon supports <20 jobs, whereas the same sales volume at small retail stores supports >50 jobs.
According to Forbes, about 30 million small businesses across the United States are in trouble, with half that number blaming the pandemic for revenue decline. Remember, individuals who get laid off in today’s current economic environment will be hard-pressed to find another job, not to mention losing one’s health benefits when they are needed the most.
This week we’re launching a campaign Support to Save Struggling Small Businesses (4Square) on GoFundMe. Depending on how much we raise, we aim to help local small businesses (less than ten employees) who are in financial distress. We plan to provide grants up to $1,000 for up to 2 months to help with critical bills like lease payments, utility bills, rent, etc. so that they can sustain during this unprecedented time. It is our commitment – every dollar we raise will go to help small businesses.
To start, Selva and I are donating $10,000.00 each against a modest goal to raise $50,000.00.
With the financial markets in disarray, I can understand the financial difficulties we have at this time. The current events have inspired us to help our community to the maximum extent possible. We hope that you too are able and motivated to assist in this cause as well. Together, we can do our part in sustaining the community we live in, and support the economy by supporting the critical small businesses that employ our friends and neighbors.
The link for the 4Square campaign program is http://www.gofundme.com/f/business-integra-supports-area039s-small-businesses
My humble Thank You to all of you!
Prathiba Ramadoss, CEO, Business Integra, Inc.