Amanda's Glass Art, LLC
Amanda Short's business, Amanda's Glass Art, LLC, suffered a drastic reduction in sales due to the
downturn in the economy. Amanda's Glass Art, LLC provides stained glass products for sale and also performs repairs services for stained glass windows.
Due to the reduction in sales, Amanda was forced to use her credit cards to support the business. The high interest rates and tight cash flow forced her to eliminate an employee's position.
The SBA created an ARC loan out of the stimulus money. This loan is intended to aid small businesses that are viable companies, but that were experiencing drastic drops in sales and high rising costs due the downturn in the economy. Amanda Short was able to get an ARC loan approved by Poca Valley Bank, where she had received her original loan to start her business.
The ARC loan provides very good terms for the borrower. The ARC loan provides a $35,000 loan to help pay existing debt; no interest on loan; no loan payments due on loan for first year; and has a five year payback.
Amanda Short's ARC loan has helped her pay down some of her debt & she gets a one year period before the loan payments start. Amanda' Glass Art, LLC is now able to renew her marketing efforts and this loan will give her some "breathing room" to regain sales as the economy recovers.
Contact:
Anne Lane, CPA, MBA, Small Business Development Center Coach, 304.957.2084
Amanda Short, Amanda’s Glass Art, LLC; Charleston, WV 25304; 304.925.2355