Partnerships grow between Utah businesses and non-profits
The continuing coronavirus concerns have meant adjustments for practically every type of business, and one of the most encouraging has been the willingness for partnerships with non-profit groups. It’s a chance for businesses to work together for solutions instead of just playing a waiting game and expecting things to go back to the “old normal.”
One of the partnerships between the corporate and non-profit worlds is taking place in the Beehive State, as recently cited in a story in Forbes. The work that is being done for the COVID-19 Utah Community Response Fund is cited as a great initiative that is helping people immediately. Several other collaborations from around the country show the balance business are striking between maintaining or growing their business and nurturing relationships within the community during a time of uncertainty.
Finding ways to help those in need in your neighborhood
Most partnerships the are forming between corporations and non-profits are meant to bring relief to their local communities, meeting basic needs that aren’t often observed during more prosperous times. Kayla O’Neill from GlobalGiving says that these efforts give businesses the opportunity to provide for those within their own community, showing support and love for their customers and beyond.
To that end, the Forbes article cites work from Silicon Slopes. This group of Utah-based tech companies and start-up organizations created a website called Slopes Serves, which includes info on how to donate supplies, funds and volunteer during the crisis. It also helped launch the COVID-19 Utah Community Response Fund and worked with state agencies to make sure that tests for the virus were more widely available.
“We all play a role in how we address this issue and how we as a community recover,” says Mark Newman, CEO of Nomi Health in Orem, Utah. “This is a time when the private sector and the Silicon Slopes community can show its strength to alleviate the strain placed on government and healthcare organizations to lessen the impact of COVID19 on our great state.”
The article also notes that any types of relief efforts should not only be truly helpful, but also truly genuine. It cites one example of a misstep by a law firm that offered a free webinar about updating wills. While the intention was good, it was not well received.
“Make sure your response is in line with your values and mission and makes a sincere impact,” writes Mollye Rhea, a marketing expert. “Work together to find creative, longer term solutions that will still get you to your end goal.”
These partnerships between the business and non-profit world also go beyond the C-suite. Front line employees and customers of businesses are also in the giving spirit. The efforts have been as varied as Apple promising to double-match donations to charities from employees to Little Caesars Pizza allowing customers to “Pie it Forward” by donating a pizza to local first responders.
It’s all a confirmation that COVID-19 is teaching a lesson to everyone about how we are all truly interconnected.
“The flurry of heartwarming responses people have exhibited in the face of this crisis reveals our tremendous willingness and ability to help one another,” says Ryan W. Buell, an associate professor at the Harvard Business School. “Forward-thinking leaders can run better organizations by creating conditions that allow customers to be more helpful.”
Some Utah businesses quality for disaster relief during crisis
As part of the federal government response to the pandemic, there are now two specific lending programs for small- and medium-sized businesses to help with disaster relief: the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL). The small business loan experts at First Utah Bank are here to help you with questions on accessing these programs.
For the PPP, loans can be made for an employer’s payroll costs for a year, including salaries and tips, retirement benefits, severance payments and taxes. It applies to businesses with 500 or fewer employees. There is some loan forgiveness as a part of the program, although there are qualifiers. Your loan expert can help you determine whether your business meets the parameters of the PPP.
For the EIDL, qualifying businesses can apply for loans for up to $2M, with personal guarantees on loans waived for those under $200K. It also streamlines the loan process and provides emergency grants up to $10K within three days of the borrower applying.
As your hometown bank, First Utah Bank is here to help however we can. Find out more at our website or call us at 801-308-2265.