Tag Archives: resources

Is Your Business Having Cash Flow Problems due to COVID-19?

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From Clemson Agribusiness Associate Steve Richards.

The CARES (Coronavirus Aid, Relief, and Economic Security) Act has been in the news recently.  You may have heard stories about emergency loans, cash for individuals, and cash for small businesses.  While the details are still being hammered out in Washington, these are some steps you can take right now if your business needs cash*.

  1. Talk to Your Current Lender

Reach out to someone who is familiar with your operation – your current lender.  Many lenders have options available for loan payment deferments, credit limit increases, and possible interest rate reductions.  Your lender is invested in your business and wants to help you succeed.

  1. Apply for a Federal Small Business Administration (SBA) Disaster Relief Loan

Regulations on this loan option are still being written and loans take several weeks to process.  If you think you need this assistance, apply now.  If you do not like the terms of the assistance, you can always refuse to take it.  To apply for SBA financing, apply online at https://disasterloan.sba.gove/ela/.

The general details of SBA Disaster relief loans:

  • Loan limits: $2,000,000 with collateral; $25,000 without collateral
  • Loan terms: Interest rates of 3.75% fixed and amortization of up to 30 years
  • Recent start-up businesses are eligible, but you must provide profit and loss projections
  • Loans are contingent on a credit check, verification of eligibility, an insurance review, and an estimation of losses.
  1. Contemplate the Impact of Additional Debt

Some of these SBA loan packages may include a debt forgiveness option.  However, you must consider the impact of additional debt on your operation and how that affects your future if this debt is not forgiven.  The Clemson Agribusiness Team is available to help if you need additional agribusiness related resources or assistance: https://www.clemson.edu/extension/agribusiness/

*As always, make these decisions with the assistance of your professional advisors: your accountant, your tax advisor, your attorney, and your management team.

Steve Richards is an Extension Associate with Clemson’s Agribusiness Team who specializes in Management, Finance, and Specialty Crop Marketing.  You can contact Steve at Stricha@clemson.edu

Field Update – 3/23/20

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COVID-19 continues to be a major concern for produce farmers and consumers. We’ve put together a new tab labeled “COVID-19 Resources” which includes a number of resources from Clemson, SC Dept. of Agriculture, SC Farm Bureau, and Carolina Farm Stewardship Association. Additions are being made regularly, so check back often.

Also, AgriSafe is offering a webinar this afternoon titled “What Ag Producers Need to Know About COVID-19.” If you are interested in participating, click here.

Coastal

Zack Snipes reports, “Amid the COVID-19 outbreak the weather has really helped out our crops here in the Lowcounty.  Strawberries are pushing out with great flavor and size after a break the past few weeks.  Tomatoes are still being planted and look great with the warm sunny weather we have had.  Winter and early spring crops are being harvested and look beautiful right now.  I have seen some brassica fields beginning to bolt with the longer days and warming weather so get them out of the fields soon. If you are having trouble selling produce consider contacting LauraKate McAllister to be put on the SC Dept of Ag “Find Local Farm Fresh Food During COVID-19” list.

Clemson Extension will be posting on social media and the Home Garden Information Center about this webpage so your farm will want to be highlighted there.  Clemson Extension is here to help everyone through this time so feel free to reach out to us.”

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Strawberries are coming along in the Lowcountry. Photo from Zack Snipes.

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Tomatoes are being planted and look good so far. Photo from Zack Snipes.

Midlands

Justin Ballew reports, “The weather was beautiful last week and crops in the field are developing fast.  Some of our strawberry growers have begun picking. Once yields pick up a little, most are still planning to have U-pick, with some precautions. Early reports are that sales have been good despite concerns that coronavirus would hurt demand.  Spider mites have still been showing up, so keep scouting regularly.  The drier weather last week slowed disease down, but moisture is returning to the forecast this week, so don’t let up on spray programs.”

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Strawberry picking has begun in the midlands. Photo from Justin Ballew.

Pee Dee

Tony Melton reports, “Started planting Butterbeans and snap beans to beat the heat.  Also planting Squash and other cucurbits from seed.  There aren’t enough strawberries right now to meet the demand as everyone wants the first strawberries.”

Upstate

Kerrie Roach reports, “Upstate peaches are bursting with blooms and many apple varieties are starting to show silver and even green tip stages. We are excited about the season and are continuing to monitor temperatures. More rain again today.”

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Peach blooms at Bryson’s Orchard in Long Creek, SC.  Photo from Reba Butts.