Texas Primary School Survives Covid-19 Financial Hardships Due to PPP Loan
Owner - Shady Oaks School - Richmond, TX
Based out of Richmond, Texas, Debbie Elder is the Owner and Head of School of Shady Oak Primary School. Offering a unique curriculum based on entrepreneurship, this private elementary school serves students ranging from first to fifth grade.
I am in education because I believe in the capabilities of every child, and they have never let me down. I have been doing this for almost 30 years. Kids are the future and mine is very bright!" Elder says when asked why she chose to work in education. - Debbie Elder
In 2020, as the Coronavirus pandemic was imposing financial consequences on industries across the world, Elder learned about the Paycheck Protection Program (PPP) and the assistance it was providing businesses at that time. Due to the contractual nature of the school's tuition program, Elder felt comfortable with the school's financial standing and chosenot to apply for the first round of PPP funding.
It wasn’t that I didn’t feel worthy, I just felt like there were (others) more worthy. As a school, we already had tuition contracted out. I was getting paid, and I had the money to make sure my teachers were getting paid. For the two months that we were shut down, I was in good financial shape. - Debbie Elder
As Elder settled into the 2020-2021 academic year, she realized that the Covid-19 pandemic was beginning to take a serious toll on school operations and finances, with no end in sight. That is when Elder began to seek out the different types offinancial assistance that were available to her business during this time.
For many people, 2020 was a difficult year financially. At Shady Oak Primary School, we suffered with enrollment. By the end of 2020, I really needed some financial assistance. Luckily, my payroll provider, Paychex, was able to refer me to Biz2Credit. I was then able to apply for and receive a PPP loan in February of 2021. This allowed us to secure the funding that we desperately needed to keep the school afloat. - Debbie Elder
After reaching out to Biz2Credit, Elder was able to work with one of their in-house Lending Experts, who walked her through the entireprocess of applying for a PPP loan. Shortly after, Elder received the critical PPP funding that would be a pivotal pointfor her, her business, and her employees. She credits Biz2Credit with the rapid relief and ease that came with acquiring the loan.
I had never received a loan before, and I was definitely nervous. Working with Biz2Credit really helped me get rid of any hesitations that I had about the whole loan process. They were awesome and very communicative, which was important to me. At times, I was not sure if I was doing things right, and they kept letting me know that I was right on track. - Debbie Elder
Now that Elder received the PPP funding that was so critical to her business, she is now able to focus on the future of Shady Oak Primary School.
The funds that I received because of Biz2Credit allowed me to alleviate a lot of tension and pressure I had to make sure I could keep my staff. They are my people; they are my family. So, once I received my money, that whole headache went away. Now I can focus on bringing in more students, marketing, and making sure that this financial situation never happens to us again. - Debbie Elder
According to Forbes, private schools are now experiencing a boost in enrollment, as many families are pleased with how they have handled balancing both Covid-19 restrictions and in-person education options.
Biz2Credit really provided me with a solid bridge to get through what I needed to get through and I am so incredibly thankful. - Debbie Elder