Many small business owners in California are thriving after tapping into low-interest Small Business Administration (SBA) financing programs.
Maurice Brewster launched his corporate ground transportation business – Mosaic Global Transportation – in 2002 in Redwood City. Fourteen years later, Mosaic is a multi-million dollar company, employing nearly 100 workers and operating in over 400 cities.
In 2013, Brewster needed to accommodate several marquee clients who wanted to be billed for payment. He required working capital to meet this challenge and approached a major national bank for a loan. He was denied and his story was told in the Wall Street Journal.
Shortly thereafter, Brewster was assisted by New York Business Development Corporation and CDC Small Business Finance, which teamed up to provide Brewster a $250,000 SBA Community Advantage loan for working capital.
“We were on the cusp of expansive growth. Without the SBA capital infusion, we would not have been able to grow at the rate we wanted,” said Maurice. “The bank that denied us made a decision based on our past. The SBA, CDC Small Business Finance and NYBDC believed in our future and our plans to do great things.”