Bridge Loan Helps Sacino & Sons Keep Employees

Sacino & Sons Inc. of Pinellas County

Bridge Loan Helps Sacino & Sons Keep EmployeesIf you’ve ever gone to a formal event such as prom, then you probably know the name Sacino’s. With locations in St. Petersburg and Tampa, Ron Sacino has been offering tuxedo and formal wear rental sales and wholesale since 1916. The business also offers commercial dry cleaning services.

After Hurricane Irma hit, Sacino & Sons Inc., like many other businesses, experienced economic hardship due to the loss of sales. Seeking assistance, Sacino sought out the Florida SBDC at Pinellas County Economic Development in applying for the Florida Small Business Emergency Bridge Loan, an interest-free loan program repayable within six months. Below, he recalls his experience:

What type of damage occurred?
Minor damage to the plant but economic damage from lost work days and sales due to Hurricane Irma and resulting power outages.

How helpful was the Bridge Loan?
Allowed us to make payroll as well as promises to landlord and power company. Without it, we may have lost employees or worse.

How was the Florida SBDC at USF helpful during this process?
The team at Pinellas was extremely helpful and friendly. We became fast friends in the course of two weeks.