Public Accounting Firm Retains Employees with Bridge Loan
Hueston & Company CPA, LLC, of Manatee County
In business since 1998, Hueston & Company CPA, LLC, offers various services revolving around public accounting, including taxes and bookkeeping services, to clients in the Bradenton area.
In late 2017, after experiencing a drop in revenues due to clients being detrimentally affected by Hurricane Irma, owner Anthony Hueston decided to seek assistance in the form of a State of Florida Emergency Bridge Loan. To do this, he sought the assistance of the Florida SBDC at University of South Florida.
When asked about his experience with the storm and the assistance received, Hueston recalled:
What type of damage occurred?
I was not directly affected. However, many of my clients are struggling. What happens is as I prepare the taxes or the bookkeeping for them, they don’t have the money to pay me until they actually file their taxes. It’s a cash flow issue. Hopefully the issue will end by the middle of April.
How will the Bridge Loan help?
Directly it takes care of salaries because I don’t want to lose good people. I’d rather borrow a little bit of money to pay them to stay on. If I let them go for 30 days, they may not come back. Why would I want to lose good people?
How was the Florida SBDC at USF helpful during this process?
I was able to do this loan in a fraction of the time it would take to get a line of credit from the bank. In the big picture of things, it’s just much easier, much quicker. Now I just have to pay it back.
