Founded in 2013, the Rodriguez’s dream of owning their own business came to fruition. Servicing the Las Vegas, Nevada vicinity. Being more than business owners, Ernestina and Felipe became active community members, leading them on a path to growth and a loyal customer base.
Eight years of growth, however, came to a halt due to COVID-19. The reality quickly proved to be very different. With 95% of their business coming in from the multi-family complexes, the property management companies they contracted with, 7 Rays Heating and Cooling began to experience a severe drop in revenue. As the income of tenants began to decline, so did rent to the complex owners and, in turn, affecting the on-time payment for the services 7 Rays Heating and Cooling was providing.
As unpaid invoices piled up, Ernestina decided that to stay open and operational, she would have to lay off two employees. “We went from getting paid within a couple of weeks of invoicing to it taking almost two months to get a payment.”, recalls Ernestina of her experience.
The Payment Protection Program (PPP) was just the resource 7 Rays Heating and Cooling needed. When Ernestina learned of the funding available, she gathered all the necessary documentation and reached out immediately to her business bank. That call further devastated Ernestina when she was declined assistance due to the lack of funds available. As banks and other institutions exhausted the amounts available for small businesses and receiving “no” after “no,” Ernestina refused to give up and kept seeking help.
When she heard about Prestamos and how we were assisting small businesses with the application process, she quickly submitted her application online. Once the application was submitted, the rest of this otherwise confusing process went smoothly. “Sidra was great to work with; we went through the initial bank’s application and had a lot of the paperwork. Sidra was always in contact with us, she was easy to work with and get the process completed.”, says Ernestina.
The funding 7 Rays Heating Cooling received from the PPP loan gave them the capital they needed to purchase units and restart their operations. However, most importantly, they were able to rehire the two staff they had to lay off and hire two additional people to meet the demand.