Fighting to Survive :
Brooklyn Based Martial Arts Studio Overcomes COVID-19 Hardship
Troy and Raquel Binns
Owners of Binns Victory Martial Arts. Customer since 2020
Shihan Troy Binns is the owner and head instructor of Binns Victory Martial Arts, located in Brooklyn, New York. As a 5th-degree black belt and three-time Sport Karate World Champion, Binns is highly respected within the martial arts community as both a competitor and as an instructor. Since starting Binns Victory Martial Arts, the school has grown every year and has produced many talented martial artists and sport karate world champions.
I started in Martial Arts when I was two years old and received my black belt when I was seven years old. I have been teaching since I was eleven years old. I teach both kids and adults. I really love to see the kids progress in their art as well as their personality growth, because martial arts is not just about punching and kicking, it is about the development of character. And that is what we teach here, it is about who you are going to be as a citizen, as a husband, as a wife, as a person. That is what we focus on. - Troy
Started by Binns’ father in 1976, this family-owned business has been operating out of their Brooklyn studio for almost half a century. In 2014, Binns’ father fell ill and that is when he decided to take over full ownership of the studio, along with his wife and Kung Fu instructor, Sifu Raquel Binns.
Like many small businesses in 2020, Binns Victory Martial Arts was a thriving operation but ultimately realized that they needed assistance to make it through the financial hardships that the COVID-19 pandemic was bringing.
When the pandemic hit, revenues were way down. I lost about 90% of my students. We had to transition from in-person classes to Zoom classes and a lot of people were not happy about that, so a lot of people just completely stopped. Before the pandemic, our revenue was about $200,000 a year. During the pandemic, it dropped more than half, to maybe $75,000 a year. - Troy
With their revenue down and no end to the pandemic in sight, they were desperate for the right kind of financial assistance. After his brother told him about the Paycheck Protection Program (PPP), Binns realized that this could be exactly what his business needed to survive through the hardships of the COVID-19 pandemic.
As along-time user of payroll provider Paychex , Binns went to their website to look for different resources on how to deal with payroll demands during these unprecedented times. That was when Binns found a whole section on the Paychex website dedicated to the financing company, Biz2Credit, and the assistance they were providing to small businesses concerning the PPP.
I had never had a loan before. I was incredibly nervous and concerned about the process. With Biz2Credit’s website, the process was streamlined and easy. I submitted my documents and application and was able to receive funding in just weeks. Without Biz2Credit, I wouldn’t be able to keep my business open. - Troy
In June of 2020, Binns received the PPP funding that would help change the trajectory of his business. Once Binns received the necessary keep his small business afloat, he had a much more positive outlook on the future of his business. Soon enough, students started coming back into the studio, and Binns was able to resume doing what he loves, and with the people he loves.
It is almost a year later, and the students are coming back in, and I am excited to begin teaching classes. I am blessed to be able to do what I love. My family is here, I work with the love of my life, my kid is here-this is my dream. I am blessed to have the opportunity to do what I love, and I am glad that Biz2Credit has given me that opportunity. - Troy
Binns’ goal is to have Binns Victory Martial Arts as a catalyst that will help spark positive change within the community, as well as provide a haven for everyone looking to be a part of the Binns Victory Martial Arts family. With Biz2Credit’s assistance, Binns is able to continue making his dreams come true for his family’s studio.