DALLAS (CBSDFW.COM) – Many small businesses in North Texas have struggled to stay alive during the pandemic, others have not survived.
Supply chain shortages are the latest threat, but a nonprofit is working to support small business owners.
DreamSpring is a non-profit community development organization that offers small business loans focusing on businesses that have had difficulty obtaining one from a bank.
“To get a business loan, sometimes a credit score is required or it might be a start-up business and doesn’t meet a bank’s traditional underwriting criteria,” said Anne Haines, president and CEO of the management of DreamSpring.
The non-profit organization hosted an event on Friday for entrepreneurs to network and learn how to grow their small businesses.
“We were looking for the kind of support that could help us scale, that could help us settle in a way that wouldn’t put us at risk,” said Lora Pena, co-owner of Telesto Coffee.
“The PPP money helped, but in the midst of that we had to fill orders, do payroll and have working capital and DreamSpring stepped in to help us out,” 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 freaked out.”
Symone worried about what would happen to her massage and facials business in Dallas, but today she feels refreshed.
“I actually got a PPP loan which helped me a lot,” added Symone.
During this time, she then worked to expand her business, “It made me think about the longevity of the business.”
And now it has tripled the inflow of cash.
“We just started offering beesting manis and pedis, so we’re slowing down our transformation into a medical spa,” Symone said.
She also received help before the pandemic from DreamSpring and continues to work with them on how to grow her business.
DreamSpring said it has seen an increase in interest since the PPP loans expired and businesses are looking for a boost.
“Supply chain issues have affected small businesses in the labor market, there are so many factors that are at play for small businesses right now,” Haines added.
Learn more about how DreamSpring supports small businesses in North Texas Click here.
Nick Starling
Comments are closed.