Jul 28, 2020 - Economy & Business
South Carolina caterer: Loans kept many businesses afloat during COVID pandemic
Many small businesses would have gone under without financial aid during widespread closures caused by the coronavirus pandemic, Carolima’s Lowcountry Cuisine owner Sameka Jenkins said at an Axios virtual event Tuesday.
Zoom in: Jenkins said her South Carolina-based company received an Economic Injury Disaster Loan from the Small Business Administration to ease the financial effects of the crisis.
- The loan allowed the business to serve clients online, provide them with new products, and market the business, Jenkins said.
- "We wouldn't have been able to do that without the EIDL," Jenkins said.
But, but, but: Jenkins warned small business owners to be smart in how they use the funding.
- "[Y]ou need to be very strategic in how you use those funds to keep your business afloat because we don't know how long this is going to last."