Masters of Scale Rapid Response: Relief funding & crowdfunding in a crisis w/Karen Cahn of IFundWomen
Apr 4, 2020
Karen Cahn, CEO of iFundWomen, shares insights on navigating emergency funding options for entrepreneurs during crises. She explores the intricacies of the U.S. CARES Act and how crowdfunding can become a lifeline for small businesses. Karen discusses strategies for leveraging financial relief programs while highlighting inspiring success stories from the food industry. She emphasizes the importance of adapting to shifting economic dynamics post-pandemic and suggests ways to maintain optimism and stress management throughout these challenging times.
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Panic and Expert Search
- Karen Cahn observed panic among entrepreneurs after the CARES Act.
- She sought an expert, Mark L. Rockefeller, via social media to clarify the situation.
Prioritize PPP
- All eligible businesses should prioritize the Paycheck Protection Program (PPP).
- This program offers forgivable loans to cover payroll, benefits, and some taxes.
SBA Loan Caution
- Apply for an SBA loan only if your business is growing and can repay it.
- Avoid SBA loans if your business is struggling, as they require collateral.