Bernie Navarro, founder of the Benworth Family of Companies, is taking a leadership role to educate South Florida small businesses on the impending Small Business Administration (SBA) loan relief program that is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This proposal would provide over $350 billion to small businesses. Companies with less than 500 employees could be eligible for loans to cover payroll, rent or mortgage payments and operating expenses.
Two websites, SBABizHelp.com and SBAayuda.com, as well as social media accounts were launched to educate consumers and provide updates as the Bill to activate the relief assistance works its way through Congress.
“These are confusing and unsettling times,” said Mr. Navarro. “These new websites will create a central resource for businesses to stay informed while we continue to add content and meaningful tools to increase awareness and educate businesses. We are unsure of what is the process for them to get the funds needed to keep their doors open, but we want to make it easier.”
He continued to add, “Businesses have come to a grinding halt, and employers are making decisions by the minute on how to handle payroll. We intent to create public awareness and let small business owners know that the much-needed help to retain employees is on the way.”
With over 20 years of experience in the real estate sector, Mr. Navarro founded Benworth Capital in 2008 to provide borrowers a lending alternative to acquiring property. His passion for education encouraged him to found and serve the first business charter high school created by a professional association in the United States, the LBA Construction, and Business Management Academy. He’s also on the Board of Trustees for Miami- Dade College and has been named Chairman.
Recently, he opened Presto Payday to provide alternative financial services to unbanked community members, including wire transfers, check cashing and bill payment. The business has suspended its cash advance loan product to prevent borrowers from building up debt they cannot repay.
“Small business loans in conjunction with the CARES Act will not only provide cash flow assistance, but also provide forgiveness if they use funds to sustain payroll at pre-COVID19 amounts, make rent or mortgage payments, and pay bills associated with regular operating expenses,” Mr. Navarro explained. “Like many others, it is my duty to make resources available to help the community.”
Presto Payday, located in Miami, is equipped with glass enclosed service windows. The contactless facility will be made available to help the U.S. Treasury and the SBA deliver loan programs to Florida businesses, should it be needed.
About the Benworth Capital Family
Founded in 2008, the Benworth Family of Companies invests in businesses that offer alternative financial services (AFS). Through Benworth Capital Partners, privately funded loans are available to purchase and refinance real estate. Benworth Financial offers a real estate secured consumer loan. Presto Payday offers money services and loan products.