Archive for category: Success Stories

Premiere Commercial Furniture & Design of Polk County

Hurricane Irma swept across the state of Florida in September 2017, leaving a path of destruction in her wake. While some businesses in the Tampa Bay region experienced physical damage to their businesses, many were hit with economic damage from loss of revenues. Premiere Commercial Furniture & Design, a Lakeland-based furniture and design company, is one of those businesses.

Owner Vicki Wolf, says that many of her long-term client projects have been indefinitely halted, creating a loss of income that the company can’t sustain on its own. Seeking assistance, Wolf sought assistance from the Florida SBDC at University of South Florida, in applying for the Florida Small Business Emergency Bridge Loan, an interest-free loan program repayable within six months. Below, she recalls her experience:

Tell us about your business.
When I opened this business I wanted to take care of the customer’s needs in every way, so I have four divisions to my company. We start with office furniture. We do interior design, space planning…we sell wall paper, window coverings, framed artwork, silk plants, flooring, custom cabinetry and appliances for breakrooms.

The next division of my company is to do all the signage that would go on a new building.

After that business opens, we then have a printing division that would print business cards, letterhead, envelopes, forms, label, statements, billboards, and vinyl wrap for vehicles. And then we wrap up the last part of that with their promotional side.

So, from beginning to end, we are all business.

What type of damage occurred?
Due to the nature of our business where we plan so far out with doing drawings or designs for a building, my larger clients have put everything on hold for the rest of this year, so that means no revenue stream for me other than maybe a dozen shirts or two dozen pens with their logo on it. That’s not enough to sustain us. As of today, our two largest clients in South Florida and
Clearwater are still without power…preventing their employees from returning to work which, in turn, eliminates any revenue stream for Premiere Commercial Furniture & Design.

How will the Bridge Loan help?
This halting of business is devastating to us as these customers are the backbone of our
income and revenue strength, which allow us to pay our monthly overhead. So we had to reach out to the relief that’s offered and it’s a blessing.

How was the Florida SBDC at USF helpful during this process?
The SBDC just was faster than I expected. The response from the first email; the first phone call, has been exceptionally fast. I guess it’s exactly what we need in this crisis type situation where your revenue stream comes to a complete halt, and here you are at our rescue.

Back in Motion Sarasota Physical Therapy of Sarasota County

Timothy Burnell, owner of Back in Motion Sarasota Physical Therapy, opened his clinic in April 2006, just after Hurricane Katrina devastated New Orleans. The clinic focuses on outpatient physical therapy, specializing in pain, injury, weakness and balance dysfunctions.

After Hurricane Irma swept through the state, Burnell found the business struggling to make ends meet, due to loss of patients from evacuations, and loss of Internet and phone service, making it unable to confirm appointments or complete billing procedures.

Seeking assistance, he reached out to the Florida SBDC at University of South Florida in applying for the Florida Small Business Emergency Bridge Loan, an interest-free loan program repayable within six months. Below, Burnell recalls his experience:

What type of damage occurred?
We had a decreased clientele with many people having evacuated. The events leading up to Hurricane Irma contributed to some decreased visits at my outpatient therapy clinic. Many of our regularly scheduled clients were getting ready for the hurricane or they were evacuating out of the hurricane’s path. This limited our ability to produce cash flow. So, our clinic was actually closed for several days and it’s not so much that it was just being closed, but after we opened back up there was intermittent lack of Internet and intermittent lack of phones so we weren’t able to receive referrals or verify appointments. Cash flow became a problem. In the world of medicine and insurance-based medicine you don’t see a person and actually exchange money – you have to file the claim with insurance.

How was the Bridge Loan and Florida SBDC at USF helpful during this process?
The revenue that we are getting from the SBDC is [going to] really help bridge the gap, and help make payroll and to help facilitate a little bit of wiggle room from the time of the actual disaster to a time of 30 to 90 days later, claims that we’re submitting are going to come to fruition.

A Family Dentist, P.A. of Pasco County

Located in New Port Richey, Dr. Cristen Mendoza wasn’t sure how she was going to keep the doors open at A Family Dentist, P.A., after Hurricane Irma hit. A general dentist practice, the loss of income and revenue from a week without electricity created a deficit Mendoza could not overcome on her own.

Seeking assistance, she sought out the Florida SBDC at University of South Florida in applying for the Florida Small Business Emergency Bridge Loan, an interest-free loan program repayable within six months. Below, Mendoza recalls her experience:

What type of damage occurred?
My business incurred damages financially from the hurricane. We lost five days of production which equals about $9,000 in income and revenues. Without that money we were left short when we came back for paying our bills and all of our normal operating expenses. So without this loan my business wouldn’t even be able to operate right now without the extra working capital needed.

How will the Bridge Loan help?
This Bridge Loan is going to cover the gap that was created by Hurricane Irma. Again, it was $9,000 in income and revenue that we lost and because of the 180 days of no interest, we are going to be able to recoup those funds and not pay any kind of penalty.

How was the Florida SBDC at USF helpful during this process?
Basically, this has saved my business and I really appreciate the SBDC because I never thought that I would qualify for any kind of help. I’m not in the best financial situation because I’ve had some medical issues and it really is nice to know that people are still willing to help, especially in these hard, hard times.

Freedom Motorcars of Hillsborough County

Located in Tampa, Freedom Motorcars is a pre-owned car dealership specializing in getting anyone financed.

As Hurricane Irma approached Florida, she took a toll on the bottom line of most businesses in the region. Freedom Motorcars was no different, feeling the impact by losing a month’s worth of revenue as traffic to both the brick and mortar location and the website, slowed to a stop.

Seeking assistance, owner Chris Belsha reached out to the Florida SBDC at Hillsborough County for assistance securing a Florida Small Business Emergency Bridge Loan. When asked about his experience with the storm and the assistance received, he recalled:

What type of damage occurred?
Obviously with the turmoil that began with everything that happened we lost literally a month’s worth of business and recuperating from that is a huge thing.

How will the Bridge Loan help?
We want to be able to make payroll. We want to be able to pay our vendors. We don’t want to fall behind. It’s a huge help and as business returns back to normal, it’ll be a very easy repayment due to the terms – they’re amazing.

How was the Florida SBDC at USF helpful during this process?
Amazing. Quick response. Fast. Answered every one of my questions without fail at all hours, it seemed like. It was a very, very easy transaction. I wish I knew about things like this before. I’ve been in business 10 years and I wish I would’ve known about this before.

Debt Relief Legal Group of Hillsborough County

Located in Tampa, Debt Relief Legal Group is a bankruptcy firm with an average of 50 clients.

With Hurricane Irma barreling towards Florida, clients of Debt Relief Legal Group cancelled appointments as they evacuated the area. Once Irma hit, the office was left without power, forcing the business to close for an entire week.

Seeking assistance, owner Alan Borden reached out to the Florida SBDC at University of South Florida for assistance securing a Florida Small Business Emergency Bridge Loan. When asked about his experience with the storm and the assistance received, he recalled:

What type of damage occurred?
My office is a high volume, slim margin service-oriented business. Prior to and a week after the hurricane, clients canceled because they had to evacuate or didn’t have time to come in. My staff also had to evacuate and once Irma hit, my office was out of power until late Friday, September 15, which forced us to be closed for an entire week. My office retains 50 clients a month on average or 12 clients a week, which we gross $1600 a client. Closing down for a week stopped us from retaining any clients, slowed down the progress of our retained clients, [and] thus stopped the inflow of money on dozens of clients.

How will the Bridge Loan help?
A loan like this will help us fill in those gaps until eventually those people who still have the same problems would be able to come back when they’re better on their feet and can pay us.

How was the Florida SBDC at USF helpful during this process?
Great. The instructions are very simple as to how to apply. I came into the office and showed everything I had. It was very easy. I think I was missing one document and [they] were on it right away. I think within 10 days we were ready to go.