Important Coronavirus Credit Information

RCS Influencer Thea Dudley says that there are plenty of COVID-19 Resources to help contractors.

I recently had the opportunity to share financial expertise during RoofersCoffeeShop's newest weekly virtual initiative, "Coffee Conversations." It was a nice way for me to be able to answer questions and give advice about collections, account receivables and managing cashflow during this economic crisis.

Be sure to listen to the full Coffee Conversation here.  During the conversation, I was able to share and talk about the following resources for contractors:

• Federal Deposit Insurance Corporation (FDIC) Website

Great source of information on what is going in the banking industry, information on what FDIC is recommending to the banking industry and the latest updates. 

• Small Business Association (SBA) Website  

One of the best sources for information on small business lending and resources– they currently have a huge yellow banner across the top of the site COVID19 Relief options and additional resources including guidance and loan resources.

• Federal Trade Commission (FTC) Website 

Information on where businesses can turn for accurate information about financial relief, latest scammer information and updates for both consumers and businesses.

• NCS Credit Website 

Nationwide (and Canada) provider for mechanics lien and bond service, UCC’s, collections and credit and collections education.  Currently providing COVID19 State and County updates for the courts in regards to document recording and jurisdictional updates.  COVID19 update site if free of charge.

• Dun & Bradstreet (DNB) Website  

Business credit reporting.  They are currently offering a one-time free portfolio “Coronavirus Customer Health Scan” to help you determine what customers are most at risk.  Email requests directly to Susan Costello at her email:  CostelloSu@DNB.com or call 513-830-9961 Susan on her direct line. 

• American Collectors Association (ACA) Website

Organization for professional collectors.  They have a CODID-19 section with information on the changing data for collection agencies and how they are proceeding during this time period.  Great resource for guidance.  Usually requires membership but you can create a guest sign in for information. 

• Fund My Deductible (FMD) website

Financing solution for roofing contractors to offer their customers to help bridge the gap between insurance payout and deductible.  Also has options for accounts receivable solutions. 

These resources give a quick start for some of the options we discussed during our Coffee Conversations. Please feel free to reach out to me directly for any additional assistance or questions!  Stay healthy and safe.

Listen to the Coffee Conversations here.

Thea Dudley is an expert credit and collections officer, having spent 30 years in the construction field working for contractors and distributors. See her full bio here.