COVID-19 has been difficult for small business owners. The statewide shutdown stopped work, and that left small businesses like Anderson Construction struggling.
“During COVID, many businesses are facing troubles with capital. Many businesses were considered non-essential and had to close their doors for a good amount of time, but bills were still accumulating,” says David Anderson, owner of Anderson Construction Corp. “In the construction industry specifically, the most profitable projects tend to require a significant amount of capital to be successful until you start receiving your progress payments. Starting out undercapitalized may set you on a path you will have a very hard time recovering from.”
But entrepreneur David Anderson wasn’t ready to give up his new business. He applied for assistance from the Community Loan Fund, and received a COVID-19 Small Business Continuity Grant.
“We got a grant from the Community Loan Fund, and that helped me maintain good relationships with my vendors and suppliers. I was able to pay off debts even when the New York State PAUSE went into effect and I had no idea when my next payment would be received.”
Thanks to the Community Loan Fund the company was able to complete their biggest project to date. “I would definitely recommend the Community Loan Fund to others, and in fact, I have already done so,” says Anderson.