Archive for category: Success Stories

Accounting & Tax Edge LLC of Polk County

Accounting & Tax Edge LLC thrives on preparing tax returns for individuals and small businesses. Based in Winter Haven, owner Christina Hansen, ran into trouble after Hurricane Irma swept through the area. In times of natural disaster, the Internal Revenue Service postpones filing deadlines for small businesses. This means that customers have longer to pay their tax preparation bills, even though the work is already done.

Seeking a solution to stem cash flow until revenues return, Hansen received an email from her local senator informing her of options for disaster recovery. She then reached out the Florida SBDC at University of South Florida for assistance in applying for the State of Florida’s Emergency Bridge Loan.

When asked about her experience with the storm and the assistance received, she recalled:

What type of damage occurred?
It was basically we couldn’t work for about two weeks and because we what we do is tax returns for people and when there is a disaster, the IRS extends the due date on those. Since we serve a lot of small businesses, most of those returns are due September 15th. The rest of them are due on October 15th when extended. So the clients not having the necessity to pick up their tax returns, they don’t pay us even though we’ve already done all the work. It was a tremendous hit on my cash flow in September. It was difficult to make payroll. The stress was tremendous.

How will the Bridge Loan help?
Primarily to make sure that I can keep my employees paid. Even paying my rent for October, I was almost two weeks late for that because the cash flow just isn’t in hand. This will make it a lot easier.

How was the Florida SBDC at USF helpful during this process?
It was extremely simple from that point on. I got an appointment. I knew what to bring. It was just amazing – the whole experience. I’m very grateful to the State of Florida and to the SBDC. Quite honestly, I’ve been promoting it to my clients because I know there are others who can use it. A lot of programs over the years have left us out but when you have payroll, it’s a difficult thing to overcome.

Treemart Inc. of Hillsborough County

Treemart Inc., is a retail garden center and re-wholesale landscape supplier, based on Nebraska Avenue in Tampa. While the wholesale landscape company lost only a few trees, the company did experience significant economic losses.

Looking for a way to continue paying creditors while the company recoups its lost revenues, owner Scott Bailey, sought the help of the Florida SBDC at Hillsborough County, for assistance in applying for a State of Florida Emergency Bridge Loan. When asked about his experience with the storm and the assistance received, Bailey recalled:

What type of damage occurred?
Our economic loss due to Hurricane Irma has been substantial. Our business is 90 percent re-wholesale to landscapers, which were affected before and after the hurricane. Most landscape jobs have been put on hold and landscapers are concentrating on clean up and restoration. For us, it was mostly loss of income. We really only had a few trees down but everyone was prepping before so we lost a ton of business.

How will the Bridge Loan help?
It’s just gonna make up that income that we lost so that I can keep paying the bills that keep coming in whether there’s a hurricane or not.

How was the Florida SBDC at USF helpful during this process?
You guys were very helpful getting all the paperwork together and actually Carol Minor even taught me how to do a scan a different way on my computer. You’re much better than a bank.

Winter Haven Gardens Inn and Banquet Center of Polk County

Winter Haven Gardens Inn and Banquet Center, a hotel, banquet and wedding venue centrally located in Polk County, sustained physical damage to both the interior of the hotel and the grounds, due to Hurricane Irma. The inn is owned by Secura Properties Management.

Damage included severe roof damage to four buildings, floor damage, sleeping room leaks, furniture and content of the hotel ruined, landscape and tree damage, electrical and computer damage and loss of business as a result of the hurricane.

Secura Properties Management owner, Mark Ramnauth, wasn’t sure how the company was going to be able to start making repairs with such a high insurance deductible. That’s when he sought out the Florida SBDC at University of South Florida, with multiple circuit ride office throughout Polk County, for assistance in applying for a State of Florida Emergency Bridge Loan. When asked about his experience with the storm and the assistance received, Ramnauth recalled:

What type of damage occurred?
Well we had a lot of leaks to our roof which caused interior damage to the flooring and a lot of our curtains and then all of our exterior furniture and fence were damaged, which is not covered by insurance.

How will the Bridge Loan help?
This loan will be a good bridge until we get more funding since we have a lot of damage to repair and our deductible is so high that we’re not going to get anything from the insurance. This loan will help us get through the next three months so we can help clean up the property –especially the exterior. Some of our sleeping rooms have damage so we have to repair some interior walls as well.

How was the Florida SBDC at USF helpful during this process?
The good thing is I think it’s reasonably quick and what was nice was that Carl – who was helping us locally – had an office nearby and we were able to get down there pretty fast. It was quick, straightforward, and accessible. I think it’s good that the State of Florida is offering people this opportunity. People are finding it very hard to bridge the gap until they can get the financing elsewhere. A lot of businesses have short-term needs.

Galati’s Restaurant, Inc., of Highlands County

David and Catherine Galati, owners of Galati’s Restaurant in Sebring, have one priority – to serve their customers. Galati’s Restaurant is an Italian American restaurant located in the heart of Sebring.

The destruction left behind by Hurricane Irma was widespread in Highlands County, with many businesses sustaining physical damage. Galati’s Restaurant was no exception.

Once the storm cleared, the Highlands County Board of County Commissioner’s Economic Development office quickly set to work canvassing the community to let businesses know about the available recovery resources. Meghan DiGiacomo, Business Development Manager, came across Galati’s Restaurant and advised them to complete the Business Damage Assessment Survey.

David was directed to the Florida SBDC at University of South Florida, based at South Florida State College in Avon Park. He met with business consultant Bill McKown to discuss the Florida Small Business Emergency Bridge Loan and to get help with the application process. When asked about his experience with the storm and the assistance received, David recalled:

What type of damage occurred?
Power surges damaged the air conditioning unit and the ice maker, requiring repair and replacement. We lost the entire inventory of refrigerated food items during the extended power outage. We also lost almost two weeks of sales during the down time until power was restored, repairs made and the restaurant was restocked.

How will the Bridge Loan help?
It will allow us to run the business and provide service for our customers.

How was the Florida SBDC at USF helpful during this process?
Everyone was a pleasure to work with.

Ryan-Markland Signs of Citrus County

When a natural disaster approaches, homeowners and businesses alike start boarding up to secure their physical addresses. Even with all the precautions one can take before a hurricane makes landfall, there isn’t much that can be done to prepare for the long-term economic effects it will have on the local economy.

This is the situation many Florida-based businesses are finding themselves in post-Hurricane Irma. That’s also the case for Ryan-Markland Signs. A state-certified electrical sign and lighting maintenance and repair contractor, servicing businesses throughout Florida, the company has seen its customer base take a hit post-irma. This, in turn, has affected the cash flow of the business.

Seeking assistance to weather the downturn, owner William Ryan sought out the Florida SBDC at University of South Florida, located at the Greater Hernando Chamber of Commerce, in applying for the Florida Small Business Emergency Bridge Loan, an interest-free loan program repayable within six months. Below, Ryan recalls his experience:

What type of damage occurred?
We were without phones [and] Internet for over a week, making regular communications with our clients impossible at a critical time. Also, many of our customers were literally out of business for an extended time, greatly affecting regular cash flow.

How helpful was the Bridge Loan?
A lifesaver!

How was the Florida SBDC at USF helpful during this process?
Amazingly helpful. If it weren’t for our adviser Bill walking us through the process, it would have been very overwhelming to do on our own, especially in light of all the other difficulties we were going through post-Irma.