Texas Tech SBDC assisting small businesses with loans

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ABILENE, Texas (KTAB/KRBC) — The Texas Tech Small Business Development Center (SBDC) is prepared to make a major impact in the Abilene economy.

Regional Director of Texas Tech Small Business Development Center David Smith said, “We want everybody to know that we are out here working and doing everything we can to help small businesses. Almost every business is being impacted, we’re seeing a lot of businesses right now whose income has dropped from 100 percent of what is normal down to 20 percent or even below.”

The SBDC is helping grant long-term, low-interest rate loans for businesses who have been directly impacted by the coronavirus outbreak.

“In a lot of communities, businesses have completely been shut down as far as having any customers at all,” Smith said.

All consulting will be done from a distance by the SBDC to stay consistent with the demands of social distancing.

Smith said, “We are open for business but it’s either a video, Zoom, Skype, or we’re doing consulting by phone or social media. Our office is technically not open to the public.”

Loans come directly from the Small Business Administration and will be approved only for those businesses that prove they are suffering economically.

“We’re starting to see a lot of layoffs and these low-interest loans for a long term are a way to help businesses financing through this difficult time,” Smith said.

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