Biz2Credit Funding Keeps the Party Going at West Coast Event Staffing Company
Due to the social nature of the event staffing industry, when the COVID-19 pandemic hit in early 2020, Lillie’s business suffered an enormous financial hit. In March of 2020, cities and states were imposing restrictions on citizens to help ensure public safety and keep the spread of COVID-19 down. Rules and mandates were implemented on things such as group sizes, mask-wearing, and social distancing. Subsequently, planning and attending large events was not at the forefront of anyone’s mind.
"When the COVID-19 pandemic hit, our business significantly dropped. In 2020 overall, our business went down about 85%. As a business, it is something we are still recovering from."
In a March 2020 survey conducted by Event MB, it was reported that 90% of event professionals reported that some or most of their business had disappeared. Although there was no work going on in the party staffing industry, it was important to Lillie that he was able to keep his staff employed and to avoid having to furlough or lay off anyone. With teams located across California, Arizona, Texas, and Washington, Lillie was aware that retaining everyone on his staff would be no simple task. It was also important to Lillie that he was able to pay his vendors during these unprecedented times. To accomplish this goal, Lillie realized that he would need to acquire some type of financial assistance. After researching the assistance options available to him and his business, Lillie learned about Biz2Credit through his payroll company.
Lillie credits the Biz2Credit website with allowing him to navigate the loan application process with ease. For many business owners in 2020, time was of the essence when it came to securing funding to keep their businesses, employees, and livelihood afloat.
"I found the portal on the Biz2Credit website to be very user-friendly. Uploading all the necessary application documents was very straightforward and I felt confident at every step of the way. Because of this ease, I was able to apply for a PPP loan in under an hour."
For many business owners, including Lillie, the thought of going through the application and approval process for a business loan can be a daunting process. That is why constant and transparent communication through the loan approval process was essential for Lillie.
"Throughout the loan application and approval process, Biz2Credit regularly reached out with updates. This helped me feel confident that our loan application was constantly getting attention and moving along the approval pipeline."
Not only did Lillie appreciate the regular reminders that his application was moving in the right direction, but he was also able to share these updates with his staff. This was important to Lillie as he knew his staff were just as eagerly awaiting to hear if their company had received the PPP funding that was so critical to their employment.
Soon after applying Biz2Credit, Lillie received word that The Party Staff Inc. had been approved for PPP funding. When he told his staff, there was lots of celebration going on and Lillie fondly remembers it as one of the best days he has ever had. Being able to give his staff a specific date that he could bring everyone back to work was a long-awaited relief for everyone.
Most importantly was how the PPP financing helped position Lillie and his company to be successful post-pandemic. While certain localities still have restrictions implemented concerning COVID-19 and public safety, businesses are now thinking about life in a post-COVID world and what that looks like for their specific industry and business model.
"The funding from Biz2Credit is what has really helped us be prepared for the reopening of the hospitality industry. I credit the funding we received with the confidence we have in 2021."
Are you a small business owner seeking additional funding to help meet your business goals? Contact a Biz2Credit Lending Expert today!