One business day after the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loan process opened, Andrea Goulet, CEO of Corgibytes, LLC, received an impersonal e-mail from an online funding company that it was immediately shutting down her line of credit. After billing itself as a super easy lending option, the funder didn’t even acknowledge the impact that would have on Goulet’s business, which specializes in updating mission-critical business software.
With a 20-person staff to take care of, Goulet was more grateful than ever to have an established relationship with VCC, which had helped her company secure a SBA loan three years earlier to support growth. At that time, the VCC lending team had advised Goulet and her co-founder, Scott Ford, at every step — including that they request a larger loan to achieve their goals. VCC was right, she says.
As the COVID-19 pandemic began to impact clients, her revenues and receivables started to decline. When she heard about the PPP loans available to small businesses under the CARES Act, she immediately reached out to VCC again to help her maintain cash flow. “I knew I could trust them,” she says. “They know SBA products very well.”
Watching how the pandemic is upending business and daily life is stressful, but her VCC team eliminated much of the stress from the loan process. “I was impressed by how much I felt everyone cared. People were working nights and weekends — and sacrificing time with their families — because they knew time was of the essence. I didn’t feel like I was alone. I knew the team had my back. Everyone worked really hard to make sure we got the funding we needed to keep our business running during this crisis.”
Watch this video to learn more about Andrea Goulet’s PPP experience with VCC: