MOSourceLink Debuts Resources as Missouri Business Owners, Entrepreneurs Reveal Pain PointsDavid Cawthon
As the coronavirus pandemic causes shutdowns, disruptions and alters daily life, Missouri entrepreneurs and small business owners need assistance and are looking for guidance.
To better serve these small businesses and startups, which create nearly 80% of net new jobs in Missouri, MOSourceLink has created an online resource page with the most current assistance for small businesses and entrepreneurs trying to weather the crisis. Resources include important information about how business owners can request financial assistance, make emergency plans, manage remote teams and more.
“There’s so much information out there,” said Alexces Bartley, network builder for MOSourceLink. “We wanted to create a centralized location where small business owners could find trusted resources—local, statewide, and national—to help them navigate their businesses through this crisis.”
To help assess the needs of Missouri entrepreneurs, MOSourceLink worked with key partners in its network of 600+ Resource Partners to launch a survey and take the pulse of Missouri’s business owners. Early results tell a tale of worry and concern.
- 80% need funding and financial assistance
- 61% are worried about revenue dropping
- 53% are concerned that revenue will continue to drop
- 20% have already shut down
- 12% are concerned they will have to close down their business
Some of the comments from the survey:
- The pressure to adapt quickly is immense.
- Our cash flow depends on clients coming in every day, there is no reserve.
- We have had to close up shop and file for unemployment.
- We adjusted our food service offering to delivery/pick-up/to-go only and this week had to close up completely.
- We won’t be in business without capital help.
- We will have to find online work to support ourselves and our business, leaving us unable to gear this back up when the virus has run its course.
- Once things settle down, my clients will likely be busy recovering and they may have to adjust their budgets which may cut my work.
“We worked with the MOSourceLink network of service providers to survey and assess small business owners’ needs at this time of crises and responded with an accurate online portal for funding and financing during the COVID-19 crisis,” Bartley said.
MOSourceLink worked with its sister organization KCSourceLink to launch a business resource page specific to funding resources as well as a financial assistance request form to help match business owners with available funding.
“As we’ve always done, MOSourceLink finds gaps and roadblocks entrepreneurs face, and we make the right connections with organizations, experts, courses and events to help current and aspiring entrepreneurs reach the next level from every corner of the state,” said Jenny Miller, senior director of ecosystem development for the UMKC Innovation Center, which houses MOSourceLink. “These resources are just the beginning of all the efforts we’re assembling to help the innovators and pioneers who take those risks and create a myriad of opportunities and jobs for Missouri. They are such an important part of the economy; we want to know what they’re facing on the front lines so we can better meet their needs and be their voice as we work with key players.”
MOSourceLink has also tapped its network of 600+ Resource Partners to find out how they are continuing to serve the small-business market during the crisis. The Resource Navigator® has been updated to feature those resources that are tailoring their offerings to meet immediate needs. This searchable listing is featured on the MOSourceLink coronavirus business resource page.
Information changes rapidly. The MOSourceLink coronavirus resource page is updated regularly. Call the MOSourceLink hotline at 866-870-6500 for information about business resources.