Jimmy Price, small business owner and entrepreneur, has a good character, integrity, honesty, and a quality work ethic developed over the years as he worked for large hotels and cleaning companies that serviced other businesses. So, he was prepared for hard work when he started A Step Above Cleaning Service. What he was not prepared for was a small business loan. For that step, he worked with Carolina Small Business Development Fund (CSBDF) to identify his business needs and create a plan of action targeted at developing a strong financial base.
Once he was ready, Jimmy applied for a working capital loan and equipment financing from CSBDF. He also received money for debt consolidation. Because Jimmy was unable to get financing early on, he was using high-interest rate options. The working capital provided a cushion Jimmy needed to make payroll and establish liquidity in his business. The loan also allowed him to take on more 1099 contract workers to help meet the needs of his growing list of clients in residential and business properties.
“Joe has been a steady source of encouragement and guidance,” stated Jimmy about Joe Battle, Business Services Director at CSBDF. “He demonstrated so much patience and determination in assisting me in addressing my challenges in running a healthy business.”
With support from its Wells Fargo Diverse Community Capital award, CSBDF financed a portion of business training Jimmy and his wife Margie Price received from a local financial advisor.
“The support I am receiving gives me the opportunity to feel comfortable about taking on larger projects. I am now better able to understand my brand,” said Jimmy. “Thanks to CSBDF, I have the resources I need to grow my business.”
(Date of loan: 2016. Date of story publication: Dec. 2016)