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For small business owners who may be considering the next stages of their lives, succession planning is a key step in standing down from your small business and/or transferring ownership of your business. While the process may be complex, determining ways to transfer ownership of a business can be rewarding, provide peace of mind and is key in planning for the future. Among those options, small business owners can choose to sell their business to family members or outside parties, sell their shares to a co-owner (if applicable), or extend employee ownership.

In April, we celebrate National Financial Literacy Month, which serves as an opportunity to review your finances, assess your financial literacy and how it can help you take your business to the next level. In celebration of this special month, we reached out to some of our Venturize partners to get their thoughts on National Financial Literacy Month, key advice for business owners, and how their organizations work to support the small business ecosystem.

The U.S. Small Business Administration (SBA) recently announced an additional deferment period of principal and interest payments for existing COVID-19 Economic Injury Disaster Loans (EIDL). Borrowers have a total of 30 months of deferment period from loan origination on all COVID EIDL loans. This is a change from the previous deferral period of 24 months.

Below you will find some additional information about the new deferment period on EIDL loans:

Microbusinesses in select counties in California may now apply for small grants from the California Microbusiness COVID-19 Relief Grant Program. The program, which is funded by the State of California and administered by the office of the Small Business Advocate (CalOSBA), provides competitive micro grants of $2,500 to eligible microbusinesses impacted by the COVID-19 pandemic and the related health and safety restrictions put in place.