Bridge Loan Keeps Venice-based Subway Fresh
Subway 6585 of Sarasota County
Jason and Michelle White, owners of Subway 6585 of Venice, have been serving up fresh food to customers since 2006. The franchise owners experienced a setback after Hurricane Irma moved through the area in early September 2017.
As they used their working capital to recover losses, the Whites needed more assistance to hold them over while the business recovers. That’s when they reached out to the Florida SBDC at University of South Florida for assistance in applying for a State of Florida Emergency Bridge Loan. Gordon was able to visit them at their business to get the process started.
When asked about their experience with the storm and the assistance received, they recalled:
What type of damage occurred?
We lost electricity for five days and had to throw out all our food and close the store.
How will the Bridge Loan help?
The loss occurred while we were out of season. We used our working capital to help cover the loss, and we are behind on some of our payments. The Bridge loan is going to allow us to keep our payments current and avoid bank charges going forward.
How was the Florida SBDC at USF helpful during this process?
Very helpful. Pat came to our Subway to meet us and helped us through the entire application process. She answered all of our questions and kept us updated on the status of our application. We appreciate all of the help.
