Helping Bay Area Small Businesses’ Financial Health as They Reopen & Recover

California’s economy is fully open thanks to an unrivaled COVID-19 vaccination campaign. While the national vaccination rate stands at 65.5%, California boasts a higher figure of 73.2%. The Bay Area is particularly pushing the numbers high. Counties like Alameda, Marin, San Francisco, San Mateo, and Santa Clara all have a vaccination rate of over 80%.

The result is that the Bay Area economy is now fully open. Even so, small businesses still have to deal with an array of coronavirus-related challenges. There’s the obvious plunge in demand for most goods and services. To compound the problem, small business owners are not getting the labor force they need because of cost restrictions.

All these factors mean that sustaining a small business in the Bay Area is now a very expensive affair but it’s not all bad news because Hatch is now partnering with local small business nonprofits to cut business operation costs.

The fintech firm is already helping Bay Area small businesses to fully recover from the coronavirus pandemic and lockdown. It is offering six months of free business checking to its nonprofit partners in the Bay Area.

The reason is simple. Bank charges, credit card fees, and account maintenance charges are among the hidden costs that hurt small businesses. Eliminating them saves your business some hard-earned cash that you can put right back into the business and that’s exactly what Hatch is doing; it’s helping Bay Area small business owners save cash on traditional bank fees and reinvest it in their businesses.

Bay Area Economy Is Fully Open

As of June 15, 2021, businesses in California are no longer mandated to maintain COVID-19 restrictions. In a public health order (through the State Public Health Officer), the Governor phased out most of the pandemic response actions that had been in place since March 2020.

Some of the restrictions that came to an end include capacity limits on businesses and physical distancing. This means that businesses are now mostly allowed to operate at pre-pandemic levels.

While this is excellent news, small businesses and nonprofits may fail to hit the ground running for many reasons. For one, traditional banks are charging up to four times more in bank fees than they used to charge before COVID-19.

Thanks to Hatch, Bay Area businesses can avoid these charges altogether. Businesses can reopen and re-engage with their customers without having to pay checking fees on sales, payments and other transactions.

Small Businesses Likely to Bear the Brunt of the Pandemic

The recovery will take some time. Unfortunately, small businesses will continue to bear the brunt of the coronavirus pandemic.

For example, there’s currently a shortage of workers all over the country. Big companies are able to attract a workforce by offering higher wages. However, sole proprietors and small businesses don’t have enough resources to offer the same.

Additionally, COVID-19 is not over yet in the Bay Area. Small businesses still have to adjust to the new work culture, which includes ensuring that workplaces are completely safe. Whether this involves frequent sanitization or general cleaning, it requires resources.

Employers also have to build flexible scheduling options that allow employees to work from home. Some services – typically those that require frequent interaction with people – have to be completely reimagined to minimize the spread of COVID-19. Ultimately, all these measures may require changing of business models.

Granted, small businesses and nonprofits are flexible. However, adjusting to the new norm and still managing to attract workers and customers remains a challenge in California. It will likely eat into the pockets of Bay Area businesspeople. However, traders can minimize this by taking maximum advantage of Hatch’s checking accounts. It provides a reliable way of saving on costs and diverting the funds to meet other business needs that may have come about from the COVID-19 pandemic.

More Than Just Checking

Free checking is perhaps the most needed service that Hatch is bringing to the Bay Area. But that’s not the only benefit of opening a Hatch business checking account. The fintech company is doing away with monthly minimum requirements as well as account maintenance fees. That includes NSF, ACH transfer, and card replacement fees for all small businesses in the Bay Area.

To make the deal even sweeter, Hatch gives small business owners and nonprofits access to helpful tools and software at discounted rates. These Hatch Perks include:

  • 30 days of Buddy Punch for free
  • 20% off Constant Contact
  • 6 months free with Drip POS
  • $200 worth of job credits with Indeed
  • 50% off QuickBooks for 6 months etc.

Combine all these discounts with a free checking account and you stand to save thousands of dollars in costs. It’s safe to say that Hatch perks and packages couldn’t have come at a better time for the Bay Area. If you manage a small business nonprofit and want to know how your community can take advantage, please reach out to Hatch through katie@hatchcard.com

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