CEO, Managed Solutions Planning Xperts
Bought the business: 2006
I own a small technology consulting firm. My business did well until the third quarter of 2008 -- I grew almost 80% from 2007 to 2008, but when the credit crisis struck, I lost sales.
I had looked for months to secure a line of credit when I first opened. I finally got one in May 2008. Unfortunately, by that time, that line was too small for my needs -- I was beyond the startup stage and ready to expand.
Now I'm in a situation where I have to cut costs and lay off employees. I'm down to three, from the 15 I had last August. I moved out of my office space and am now working remotely. Because I've cut so much, I've lost a lot of customers to competitors. I have a big contract lined up for July, but I need money to hold me over until then. But at that point, I'll need to hire five or six employees to do the project, and I won't have money to do that.
I have approached 15 banks at this point, seeking $250,000 to $300,000 to push me through. I know there are so many opportunities for me in the federal arena because I'm a minority-owned business, but getting to that point is a big problem. I see a lot of opportunities that are available thanks to the stimulus, but none seem to help a business like mine.
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