 Hey everyone, I'm Scott Shigeoka, I'm GoDaddy's entrepreneur in residence and I am here at my home sheltering in place. And with government grants like the Paycheck Protection Program, I've been thinking a lot about how small businesses can think about funding and cash flow. So we're bringing together a group of experts who come from the world of financing, the world of payment processing, and the world of grant making to small businesses to share a little bit of insight on how we as small business owners can think about this issue. So first up, I'm talking to David, who's a senior director of global partner development at PayPal. And they're thinking a lot about how businesses can go online and how they can do their payment processing there as well. Awesome. Well, thanks so much for joining David. Thanks for your time. Right now in the landscape across the US, small businesses are really struggling right now. And I was wondering if you could talk about the funding or the capital landscape right now, what does it look like? And a lot of small businesses really don't have cash flow to remain closed even for a couple of days, let alone for weeks, two weeks or months. And so funding is challenging. It's always challenging in any economic downturn. And we saw that in the prior one, which is 2008 financial crisis. The good news is I think that the governments around the world and in particular in the United States, they've learned from that crisis and they've acted and they've really acted to help small businesses this time. And a key driver for the United States economy are very specifically for the CARES Act. Yeah. And is the CARES Act the only thing that cash-strapped businesses can look towards or do you think that there's other opportunities out there for funding outside of the CARES Act and PPP and some of the things we've all been hearing about? What we're seeing is that a lot of small businesses, particularly those that have physical presence, are reacting and adapting to the way the commerce is changing. So the first and most obvious thing is to accelerate what you're doing online from a commerce perspective. But we're also seeing an explosion of virtual services. So even things like yoga classes, other consultancy type products that business can deliver through video conferencing and new forms of communication. Online gift cards is a great way to consider getting cash right now where the customers have online fact-financing options like PayPal credit. The business gets the full amount of purchase. The shoppers pay for the qualifying purchase over time. I'm wondering, what's the advice that you would give to small businesses who are thinking about cash flow right now and are there any dues or don'ts related to that? There's also an opportunity here as well, particularly for businesses that can adapt quickly to basically what's happening as an emergence of a new model for commerce. And so, you know, accelerating that migration to online, that is, I would argue, the number one thing that you should think about doing. And so at some point, we will reopen. And when we do, there's going to be a different type of buying behavior that happens. Regardless of the regulations, individuals are going to have taken something away from this COVID crisis. And they're going to still have some anxiety about being close to one another, being in crowded environments, and in particular touching, you know, cash registers and things like that. And so you need to start preparing for that now. So contact this delivery, curbside pickup and touch free payments. And so start thinking about investing in those types of things now so that you're ready for when businesses open up. Thank you so much for your time. I really appreciate it. Yeah, thank you so much. So next up, I'm speaking with Carolyn from Hello Alice. And they're a technology company that connects entrepreneurs and small business owners to a curated list of resources and opportunities that grow their businesses. Hi, thanks for joining me. Really excited to talk. Could you tell me a bit more about Hello Alice and what it is that you do? Our goal at Hello Alice is to make sure that every business owner, regardless of who you are, where you live, where you come from, has the knowledge of the funding resources that are available to them. And so we're making sure that that you're able to navigate through the grant opportunities that are out there, the federal funding opportunities that are out there, venture capital, bank loans, all of this world of financing. How can you make sure that you know what's available, that you know what's right for you and that you actually know how to access it? And what do you think the landscape around funding is right now? Funding is tough, regardless of the size of your company, but particularly for small business owners. So we're seeing things like the CARES Act and the PPP program coming through. It sort of put everything else on hold with the banks. I think they're fully focused on how do we deploy this federal funding, everything from lines of credit to alternative financing that we're seeing from a lot of the private markets has certainly slowed down a little bit as a result. I think the general advice for everyone is conserve every dollar you can because you don't know where that next bit is going to come from. Are there ways that small businesses can tap into new sources of funding outside of the PPP and the CARES Act? We've aggregated over 500 different funding resources through our COVID-19 business center, which is definitely worth checking out, but there are a lot that are available specific to restaurant owners. We've seen them pop up for artists. We've seen them pop up for entertainers and kind of gig economy workers. Lots of different pieces of the puzzle. And so they're continuing to pop up all the time. I think as communities are becoming more aware of how specific businesses are starting to be affected by this. Alternatively, looking at things like crowdfunding, companies get $20,000 or $30,000 or more that way. Is there any advice you have for small business owners during this time? Shelter in place obviously has been a massive upheaval for lots of different businesses. But what's happening after? I think companies need to have their heads kind of focused on that piece because that's the longer term. Stay on top of what's happening in your area, but really stay on top of what are the trends for places where that's already been lifted to see what's happening. And so starting to think through the remainder of 2020 and even into 2021, what is the strategy that's going to help bridge your company through? Say number one, how are you scaling back in every possible way? And hopefully that's already a conversation that you've had with your company and have looked at number two is, you know, is there going to be demand for your products or services right now? And if not, how can you pivot and adapt your company towards something that might be a little bit higher in demand? Thanks so much for your time. I really appreciate it. Thank you so much. So next up, I'm going to speak to Christina from the Better Business Bureau in the Pacific Southwest region. And they're offering grants right now. And she's going to give us some perspective as a funder in the space on what small business owners can do. Thanks so much, Christina, for joining and taking time. And I heard you are offering grants and other forms of relief. Could you talk about that? During the crisis, we just went into full gear and we created the Main Street Matters grant program to help some of these businesses stay afloat during this crisis. So when you think about Main Street, you think about those small mom and pop shops, you know, the barbers and the restaurants and the unique little shops. Maybe they applied for the PPP loan and didn't get it or their business size just didn't qualify for any type of other grant or funding. Being an accredited business with the Better Business Bureau isn't one of the criteria, but we do vet the businesses as if they were going to be accredited. So ensuring they follow our eight standards of trust, which essentially just comes down to advertising, honestly, following proper licensing, maintaining a positive reputation, things like that. What advice do you have in terms of how businesses can present themselves to you? Some of our suggestions are to really show us how you stand out in the community. Let us know your story. That's really something that we're looking at. Everyone needs support right now, but show us how you've gone above and beyond in your community to really make a difference. And are you experiencing any struggles right now as a funder? Definitely. I mean, there's always a struggle. For one, we received within 48 hours over 600 applications and they definitely exceed our amount of funding available right now. And then additionally, just making those choices on who to fund. You know, you can't help but have your heartstrings pulled at every single one of these businesses. Everyone is in need. So that's why those stories are really, really important for us to understand the depth of your business and why it matters so much to you. Do you have any advice for small businesses regarding cash flow? Just be very, very fiscally conscious. Watch where your cash flow is going. Try to stay educated on what's coming up next and try to be prepared and be ahead of the curve if you can. I was wondering what advice do you have to small businesses who might not fall in your jurisdiction? What would you tell them in terms of other opportunities they can look for? We're seeing new grants pop up all over the place right now, which is fantastic. Some of the cities are coordinating efforts. Some of the chambers are coordinating efforts. So just kind of research in your local area to see what funding is available, but definitely be cautious on where you're going and, you know, keep your information very secure. Coming from the Better Business Bureau, we want to make sure that everyone's staying very protected. I hope you stay safe and well. Thank you so much for having me. So this is a really challenging time for many small business owners, and we're all looking for new ways to think about funding, to think about our cash flow. And I hope that this has provided some insight, some inspiration for you as you move on this journey. I want to let you know that there's a number of free resources for you like this available at OpenWeStand.org. You can also subscribe to this channel to stay up to date, and you can comment on the video below. Thank you so much for your time, and I hope you stay safe, and I hope you stay well, and I hope to see you next time.