• Link to Facebook
  • Link to Youtube
  • Link to X
  • Link to LinkedIn
  • Link to Flickr
  • Link to Slideshare
  • Link to Rss this site
  • Donate
  • Subscribe
SBDC Tampa Bay
  • Home
  • Solutions
    • Certifications
      • Business Certifications
      • Minority-Owned Business
      • Woman-Owned Business
      • Veteran-Owned Business
    • Consulting & Training
      • Training
      • Training Calendar
      • Consulting
      • Schedule a Consultant
      • Consultación
    • Business Solutions
      • Growth Acceleration
      • Government Contracting
      • International Trade
      • Starting Your Business
      • Disaster Preparedness
      • Student Teams
      • Financing Your Business
  • Resources
    • Business Resources
    • Frequently Asked Questions
  • Insights
    • Blog
    • Media Inquiries
  • About Us
    • Mission / Vision
    • Consultants
    • Meet the Staff
    • Meet Our Clients
    • Partners / Affiliates
  • Training
    • Training Calendar
    • On-Demand Training
  • Results
    • Success Stories
    • Economic Impact
  • Locations
    • Tampa
    • Hernando County
    • Highlands, Hardee, DeSoto
    • Hillsborough
    • Manatee
    • Pasco County
    • Pinellas County
    • Polk County
    • Sarasota
  • Contact
  • Request a Consultant
  • Click to open the search input field Click to open the search input field Search
  • Menu Menu
Blog

Bridge Loan Helps Lake Wales-based Legal Practice

Success Stories

McClendon, P.A. of Polk County

Bridge Loan Helps Lake Wales-based Legal PracticeJames McClendon had just returned from summer vacation when Hurricane Irma decided to bear down on Florida. McClendon, P.A., a law practice specializing in commercial real estate probate law, had to close its doors while the hurricane passed through the region. This resulted in a loss of cash flow at a critical time.

McClendon, seeking assistance in recovering lost revenues until operations return to normal in a few months, heard about the State of Florida’s Emergency Bridge Loan program on the radio, and did his research to find an office located just down the street from him, at the Lake Wales Administration Building. He reached out to the Florida SBDC at University of South Florida, and Assistant Director, Carl Hadden, stepped him through the process of applying for the loan.

When asked about his experience with the storm and the assistance received, McClendon recalled:

What type of damage occurred?
Economic injury resulting from loss of income due to loss of electric power and Internet cable connections for telephones and computer. This made it impossible to operate the business for one week. Total loss of income Is approximately $15,000. The majority of it was primarily economic damages. Getting the work done, getting the billing out and getting the receivables collected right at the end of summer which was right after my vacationing time. It was a cash flow crunch.

How will the Bridge Loan help?
The proceeds of the loan are basically used for working capital, salaries, office expenses, rent, equipment leases – standard overhead things. To me the main help was it relieves financial stress. While I had a little working capital, I didn’t have enough. Now with this money I can step back, take a deep breath, know there’s no immediate pressure and hopefully, within three to four months, get everything back to normal.

How was the Florida SBDC at USF helpful during this process?
I heard about this through a radio program. I checked into it over the Internet and found there was an office right down the street from me. Within two weeks, the loan was funded. There was good communication. I knew what was going on. It happened as quickly as it could.

Share this entry
  • Share on Facebook
  • Share on X
  • Share on LinkedIn
  • Share by Mail
https://enwqtxc9es4.exactdn.com/wp-content/uploads/2017/11/McClendon-Pic.jpeg?strip=all&lossy=1&ssl=1 904 768 admin /wp-content/uploads/2024/10/Locked-Host-Logos-Horizontal-USF-Small-e1728920602651.png admin2017-11-01 22:16:352021-12-15 02:58:33Bridge Loan Helps Lake Wales-based Legal Practice
Subscribe to Newsletter

Categories

  • Business Essentials
  • Business Plans
  • Buying a Business
  • Certifications
  • COVID-19
  • Crowdfunding
  • Disaster Preparedness
  • Economic Development
  • Finance
  • Government Contracting
  • Growing Your Business
  • Healthcare
  • Human Resources
  • International Trade
  • Marketing
  • Press Releases
  • Radio and Podcast
  • Starting a Business
  • Success Stories
  • Success Stories Videos
  • Tech Commercialization/Tech Transfer
  • Veteran
  • Web and Social Media

Contact Us

Regional Office Contact Info

USF CONNECT
3802 Spectrum Blvd., Suite 201
Tampa, FL 33612

813-396-2700

Subscribe to Our Newsletter

Florida SBDC Network

The Florida SBDC at the University of South Florida is a member of the Florida SBDC Network, a statewide partnership program nationally accredited by the Association of America’s SBDCs and funded in part by the U.S. Small Business Administration, Department of Defense, State of Florida, and other private and public partners, with the University of West Florida serving as the network’s lead host institution. Florida SBDC services are extended to the public on a nondiscriminatory basis. Language assistance services are available for limited English proficient individuals.

Logos

Business Assistance

USFMuma

State Designated as Florida’s Principal Provider of Business Assistance [§ 288.01, Fla. Stat.]

© Florida SBDC at USF | contact webmaster
Link to: Bridge Loan Helps Tampa-based Business Weather the Storm Link to: Bridge Loan Helps Tampa-based Business Weather the Storm Bridge Loan Helps Tampa-based Business Weather the StormBridge Loan Helps Tampa-based Business Weather the Storm Link to: Bridge Loan Relieves Pressure for Venice-based Business Link to: Bridge Loan Relieves Pressure for Venice-based Business Bridge Loan Relieves Pressure for Venice-based BusinessBridge Loan Relieves Pressure for Venice-based Business
Scroll to top Scroll to top Scroll to top
  • Get Answers