Small Business Owner Success Stories of 2022
December 19, 2022 | Last Updated on: January 27, 2023
December 19, 2022 | Last Updated on: January 27, 2023
The last few years have been challenging ones for small businesses. However, there have been countless success stories. Meet the owners of some of the businesses associated with the most significant recent ones
Joyal Gonsalves and cofounder Sarvinder Singh own Taste of Mumbai. They’re a pair of entrepreneurs who shared a single business idea. They both wanted to open a restaurant that would introduce the people in their Hicksville, New York, community to the food from their South Asian culture. They imagined an establishment that would serve North and South Indian recipes in a family- and business-friendly atmosphere.
“Starting a new business is difficult, and running a restaurant is not a one-person job. You need people who can take responsibility and who can be there both physically and mentally.”
The two men faced the challenge that most young entrepreneurs face. They needed to fund their new establishment. They applied for a business loan at their local bank but were rejected, which is typical for many brand-new businesses and first-year startups.
The entrepreneurs looked into other financing options online and found Biz2Credit. They submitted an application. The Biz2Credit funding specialist assigned to them took time to learn about their financial situation and also got to know the two people who would run the business. Biz2Credit approved their application. Soon after, the Taste of Mumbai opened.
Gonsalves recalls, “It was a surprise that we succeeded in such a short time… Opening a restaurant is complicated, but Biz2Credit made it remarkably simple.”
The money from Biz2Credit was used for:
“I worked in the restaurant industry for 20 years, and it was my dream to open a restaurant. This dream has come true thanks to Biz2Credit,” says Gonsalves.
Today, Gonsalves and Singh serve exceptional South Asian cuisine to huge crowds of delighted customers.
Mike Gavigan is a founding partner at Gavigan & Company, a Pasadena, California-based firm founded in 2010. He has been a certified public accountant and small business consultant for more than 15 years. Gavigan & Company provides affordable accounting, tax, payroll, and financial advisory services for individuals and small businesses.
Mike found out about Biz2Credit on the AICPA Town Hall webcast series. He used the CPA Business Funding Portal to secure Paycheck Protection Program (PPP) loans for his clients after many traditional banks and lenders couldn’t handle the volume of applications.
“We’re recommending our clients to look at the other loan programs that Biz2Credit offers, in part, because of the technology platform and streamlined application process that it provides.”
He was impressed by the user-friendly platform and simplified financing process. He liked handling the applications for all his clients in a single place. He was also impressed by the wide range of financing products available through Biz2Credit. He decided to adjust his business model. He started spreading the word using social media and other marketing efforts that he could help clients with business financing.
A new service Mike offers his small business clients is filing their Employee Retention Tax Credits (ERTC). The issue: His clients had to wait for the IRS to issue their funds. He started taking out ERTC loans through Biz2Credit to get funds faster. The ERTC loan money Biz2Credit provided to Mike’s clients helped keep those small enterprises running.
With the help of Biz2Credit, Mike has taken his business to the next level by providing his clients with the funding they need to succeed.
Yousaf Razzak has owned Kolachi Grill in Hanover Park and Schaumburg, Illinois, since 2020 with business partner Syed Nizami.
Soon after opening their doors, they faced the unexpected challenge of building a restaurant while most others closed down because of the COVID-19 pandemic.
After launching a successful Kolachi Grill location in Hanover Park, they soon had a chance to open another one in Schaumburg, allowing them to serve delicious and healthy meals to more people. For the expansion, the business partners needed some cash because they weren’t earning enough at the first restaurant. They turned to Biz2Credit for financing.
“If Biz2Credit had not helped us out, we would still be in our first location struggling with employees and price wars. We were able to use the financing they gave us to expand. They really helped us out.”
Soon after opening the second location, COVID-19 struck. They persevered. Yousaf and Syed improved the profile of their restaurants through good online reviews. Because of their growing reputation, word of mouth, and local marketing, they successfully grew their restaurant business while COVID-19 was raging. Keeping up with the demands of employees and inventory was a significant struggle. They went to Biz2Credit for help during that time.
After two years of growth through the pandemic, Syed and Yousaf had a chance to open a third Kolachi Grill at a new location. They decided to go for it but had trouble getting conventional loans and lines of credit from traditional banks. They were not willing to risk financing restaurant businesses during COVID-19. Biz2Credit saw the company’s value and decided to finance the new Kolachi Grill location, despite the pandemic.
Yousaf credits the financing provided by Biz2Credit for making it possible for the restaurant business to grow.
Danny Star is the Founder and Chief Executive Officer of Website Depot. It’s a full-service digital marketing, advertising, graphic design, and consulting agency located in Southern California. Website Depot has offered marketing solutions since 2012. Star’s small business steadily grew over time. Eventually, he decided to expand his business and customer base faster. That’s when Biz2Credit got involved.
“My favorite part about being a small business owner are the challenges that come with it on a day-to-day basis. Marketing will never be boring for me. You never know what client will need your expertise and the sky really is the limit in this industry.”
Star wanted to offer marketing services in more cities and states. To achieve this, he needed to attend industry expositions and events. It would help establish Website Depot as a top-tier digital marketing service provider nationwide.
Star realized he would need financing to achieve his objectives. He researched small business funding options. He discussed his financing needs with another small business owner, who recommended Biz2Credit. He found Biz2Credit’s fast financing and simple approval process appealing.
He reached out to Biz2Credit and was connected with an in-house funding specialist. Star discussed his business plan and funding needs. After understanding Star completely, the funding specialist explained the types of small business financing that could be right for Website Depot. Star pulled together some paperwork to support the online application process, including his recent business bank statements, and applied for working capital financing with Biz2Credit.
After a few days, the funds from Biz2Credit were deposited directly into Star’s business checking account.
The key takeaway: Since receiving the cash, Star financed several strategic moves that helped his small business grow significantly. He’s on his way to owning a multimillion-dollar company.
Rattan Soni studied hotel management in London, UK, after graduating from high school. He worked for some well-known hotel brands, including Hyatt and IHG. After spending many years working for other people, Rattan decided it was time to run his own business. He decided to invest in a hotel franchise. As a first step, he started Shree Investments LLC.
Once his limited liability company (LLC) was set up, Rattan bought a Choice Hotels franchise. He’s owned a Sleep Inn & Suites since 2004. Rattan’s wife, Amita, also helps operate the hotel, managing many of their team members. She also works as the hotel’s sales and marketing manager. The events Anita plans contribute a lot to the organization’s bottom line.
In 2018, Rattan decided to renovate his hotel to improve the guest experience. After the improvements were completed, maintaining adequate cash flow and working capital became a challenge. The COVID-19 pandemic only made things worse. Hotels were hit especially hard because of stay-at-home orders. All the activities that brought Rattan’s hotel a regular flow of customers were put on hold.
Rattan researched small business financing options. He found Biz2Credit online. He was happy to learn about Biz2Credit’s simple application and approval process. After contacting a funding specialist, Rattan gathered his application paperwork and applied for a commercial loan, which he was approved for.
“The lending specialist that I worked with at Biz2Credit was very up-front, professional, and guided me through the entire process of applying and getting approved. It can be difficult to get hotel financing, and the specialist gave me the confidence that, yes, it can be done.”
Since then, Rattan has been able to focus on getting his business back on track instead of worrying about managing cash flow. The end of COVID-19 restrictions also relieved some of the pressure. Business has significantly improved and their hard work is paying off. Corporate business travel has increased by seven percent. Wedding business has gone up by a remarkable 50 percent. The financing from Biz2Credit helped Rattan make it through a rough patch and become a successful business owner again.
Ajay Kumar is a certified public accountant at Sai CPA Services. The firm is located in East Brunswick, New Jersey. It’s a full-service accounting firm that offers individuals and businesses a wide range of services including bookkeeping, payroll, new business setup, sales tax, annual tax preparation, and wealth planning.
When the COVID-19 pandemic hit in early 2020, the number of customers coming to Sai for assistance with tax planning and other issues significantly decreased. Kumar knew that he would need his business to change direction, attract new customers, and bring in more revenue. That’s when Kumar decided he would help clients apply for and receive loans.
Originally the company worked with many brick-and-mortar banks. Sometimes they were forced to contact several banks to find a loan for one client. This made the process and record keeping challenging.
After learning about Biz2Credit and its CPA Business Funding Portal, Kumar turned to the firm as his new loan provider. Having a platform that consolidates all their clients’ information in a single place while offering a variety of loan products that can be approved and funded in days is a game changer.
I could not be happier that Biz2Credit’s CPA Business Funding Portal exists. With Biz2Credit I have a single portal and a dedicated team that is ready to assist my firm at every step of the way. I can do any type of loan, from five thousand dollars to five million dollars, and all within just one to three days.”
These are just a few of the thousands of small business success stories Biz2Credit had a hand in recently. Contact us if we can help you, as well.