Bridge Loan Helps Tampa-based Contracting Company Bridge the Gap
YD West Coast Home Inc. of Hillsborough County
YD West Coast Home Inc. owner, Yamil Dominguez, runs a business focused on sink hole repairs and foundation restoration, in Tampa. After Hurricane Irma made landfall, Dominguez noticed a downturn in business, as many of the company’s contracts are with city entities and the Department of Transportation (DOT).
With many of those contracts put on hold after the hurricane as cities and the state prioritized jobs, Dominguez has found the company in the midst of a cash flow shortage. Looking for a solution, Dominguez applied for a State of Florida Emergency Bridge Loan and began working with the Florida SBDC at University of South Florida to successfully complete the process.
When asked about his experience with the storm and the assistance received at the Florida SBDC at USF, Dominguez recalled:
What type of damage occurred?
We have contracts with cities and DOT. They prioritize their work and that’s delayed the work, so we are facing the gap to when we’re going to be able to generate money.
How will the Bridge Loan help?
It will help my company improve cash flow until we can capitalize on jobs again. That was supposed to be a month ago.
How was the Florida SBDC at USF helpful during this process?
It’s amazing. The information and communication was amazing. I’ve seen a lot of small businesses go into bankruptcy because of things like this so basically, this program is going to be able to save a lot of small businesses and employees.