Bridge Loan Helps St. Pete-based Salon Recoup Revenue
Rituals Salon of Pinellas County
Rituals Salon in St. Petersburg, is an Aveda concept salon, specializing in creative custom hair styles and Aveda hair color. Stylists are also Aveda-educated.
Like many service businesses across the state, Rituals Salon experienced economic injury in the form of loss of business and revenues, as people prepared to evacuate with Hurricane Irma approaching the state in September 2017. The damage was prolonged as many were without power for more than a week post-hurricane.
Seeking an avenue to help him recover the loss of business, owner Jonathan Mosco, decided to apply for a State of Florida Emergency Bridge Loan. As the state’s primary administrator on the loan, Florida SBDC at Pinellas County Economic Development business consultants promptly started working on Mosco’s application and helped him through the process.
When asked about his experience with the storm and the assistance received, Mosco recalled:
What type of damage occurred?
Financial loss [due to canceled appointments and loss of power after the storm].
How will the Bridge Loan help?
It helped give us the capital that we need to carry us into the busy season, so that we can repay it.
How was the Florida SBDC at USF helpful during this process?
Very! Dr. Johnson was very helpful. She even came to my business to help complete the loan application so that I could qualify.