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Commitment to minority-owned small businesses ensures struggling entrepreneur gets PPP loan

August 20, 2020 | PPP loan
Commitment to minority-owned small businesses ensures struggling entrepreneur gets PPP loan, CDC Small Business

Rosie Torres is grateful. So grateful. Her gratitude peppers even a short conversation. Make no mistake, she is genuine in her thankfulness, especially for the chain of events that led her to getting an SBA PPP loan (Payroll Protection Program) to help keep open the doors of her modest Fresno flower shop as the COVID-19 pandemic gripped her town.

Her serendipitous story began to unfold when her financial plight was featured on ABC NightLine in late June. One of the show’s viewers that night happened to be Hope Raymundo, a file manager for CDC Small Business Finance.

“Rosie was saying she might have to close her shop and her bank was giving her the run-around as she tried to get the federal government’s new PPP loan,” recalled Hope.

“I yelled at the TV: ‘Call us, call us, we can help you!’.”

 

A Fortunate Turn of Events

Commitment to minority-owned small businesses ensures struggling entrepreneur gets PPP loan, CDC Small Business

Rosie as she appeared on ABC NightLine

The next morning Hope mentioned Rosie’s struggle to Susan Lamping, CDC’s Vice President of Sales. Sharing Hope’s empathy, Susan said: “Let’s find her, let’s find Rosie.”

After a quick internet search, the two of them found Rosie’s Flower Shop and Susan picked up the phone.

“I thought Rosie would be suspicious of a stranger calling her, but she was delighted to hear from us,” Susan said.

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With only five days before the original PPP loan application deadline, Susan shifted into high gear, getting Rosie to email her all the requisite financial documents. Rosie struggled a bit with the electronic transfers, but Susan held her hand through the weekend as they worked to complete the application. Then on the last day of June, Rosie’s application for a $9,640 loan was approved by the SBA. Ten days later, after much personal prayer, she had the money in hand.

 

Hustle and Commitment Delivers Difference-Making PPP Loan

‘I cried when I got the good news,” Rosie said, “It’s not a lot of money, but it will help pay my business expenses for a couple months and that could make all the difference.”

Commitment to minority-owned small businesses ensures struggling entrepreneur gets PPP loan, CDC Small Business“Susan and her team all went above and beyond,” Rosie continued. “Small business owners like me can easily fall through the cracks, but I could tell CDC truly wanted to help, and they did.”

To date, CDC Small Business Finance (CDCSBF) has processed more than 4000 PPP loans for over $189 million . CDCSBF has a long history of dedication to helping small business owners.  Over four decades, the nonprofit has helped 12,000 small business owners tap more than $20.7 billion in financing to help them grow and create jobs. Making a difference for the small business community is the heart of the organization.

Rosie’s determination to stay financially afloat was driven by her mother’s belief in her. It was her encouragement 15 years ago that prompted Rosie to call the landlord of an empty storefront on Kern Street and negotiate a lease to open her “floreria.”

“She said: ‘You will be a lighthouse to many people’.”

Related: Support Your Favorite Small Businesses To Help Ease Impact Of The Coronavirus

Rosie reports that her sales have increased in recent weeks, particularly as funerals become more prevalent in the wake of COVID 19. She said 90 percent of her business is funerals now… an unfortunate sign of the times. Outdoor weddings are also trending up.  If income continues to climb, Rosie hopes to re-hire the three part-time employees she had to lay off as the financial hardship set in.

“Little by little, I believe we can get back to where we were before the pandemic hit.”

 

Are you a small business who needs financing either for recovery efforts or to expand your business??  Talk to one of our loan officers who can explain all your options in minutes and find financing that best meets the needs of you and your business. Let’s talk! Reach us at loaninfo@cdcloans.com or (619) 243-8667. You can also apply online.

 


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