Bridge Loan Helps New Port Richey Dentist Stay in Business
A Family Dentist, P.A. of Pasco County
Located in New Port Richey, Dr. Cristen Mendoza wasn’t sure how she was going to keep the doors open at A Family Dentist, P.A., after Hurricane Irma hit. A general dentist practice, the loss of income and revenue from a week without electricity created a deficit Mendoza could not overcome on her own.
Seeking assistance, she sought out the Florida SBDC at University of South Florida in applying for the Florida Small Business Emergency Bridge Loan, an interest-free loan program repayable within six months. Below, Mendoza recalls her experience:
What type of damage occurred?
My business incurred damages financially from the hurricane. We lost five days of production which equals about $9,000 in income and revenues. Without that money we were left short when we came back for paying our bills and all of our normal operating expenses. So without this loan my business wouldn’t even be able to operate right now without the extra working capital needed.
How will the Bridge Loan help?
This Bridge Loan is going to cover the gap that was created by Hurricane Irma. Again, it was $9,000 in income and revenue that we lost and because of the 180 days of no interest, we are going to be able to recoup those funds and not pay any kind of penalty.
How was the Florida SBDC at USF helpful during this process?
Basically, this has saved my business and I really appreciate the SBDC because I never thought that I would qualify for any kind of help. I’m not in the best financial situation because I’ve had some medical issues and it really is nice to know that people are still willing to help, especially in these hard, hard times.