DALLAS (CBSDFW.COM) – Many North Texas small businesses struggled to stay alive during the pandemic, others did not survive.
Supply chain shortages are the latest threat but one non-profit is working to back small business owners.
DreamSpring is a non-profit community development organization providing loans to small businesses focusing on companies who have had barriers in getting one from a bank.
“To get a business loan sometimes there’s a credit score that’s required or it might be a start-up business and doesn’t meet the traditional underwriting criteria of a bank,” said Anne Haines, President and CEO of DreamSpring.
The non-profit held an event on Friday for entrepreneurs to network and learn how to grow their small businesses.
“We were looking for the kind of assistance that could help us scale, that could help us set up in a way that wouldn’t put us at risk,” said Lora Pena co-owner of Telesto Coffee.
“The PPP money did help but in the midst of that we needed to fill orders do payroll and have working capital and DreamSpring stepped in to help us,” added Barbara Oldums, Owner of Industrial Solutions Company.
For Taylor Symone, owner of Touch-N-Skin Wellness Spa, she didn’t know what to do when COVID hit, “Oh yeah, I panicked.”
Symone was worried about what would happen to her massage and facial business in Dallas, but today she feels refreshed.
“I actually did get a PPP loan which severely helped,” added Symone.
During that time, she then worked to grow her business, “It made me think of the longevity of the company.”
And now has tripled the cashflow coming in.
“We just started offering manis and pedis beestings so we’re slowing transforming into a med spa,” said Symone.
She also received help before the pandemic from DreamSpring and continues to work with them on how to grow her business.
DreamSpring said they have seen an uptick in interest since the PPP loans have expired and businesses are looking for a boost.
“Supply chain issues have affected small businesses the labor market there are just so many factors that right now are at play for small businesses,” added Haines.
To learn more about how DreamSpring in supporting North Texas small businesses click here.
Source : https://www.cbsnews.com/dfw/news/non-profit-dreamspring-backing-small-business-owners-vitalizing-communities/