Mr. Kirkland owns a convenience store, Kirklands, and a fast-food restaurant which is called King Chick and have been in business for years. He has 22-25 employees full time and part time for the two businesses. He was also interesting in purchasing another local restaurant called Bimbos with more than 50 years history before the COVID-19 pandemic.
The problem(s) the client faced:
Mr. Kirkland reached out to the Alabama SBDC at the University of West Alabama (UWA) and expressed their need of assistance for Economic Injury Disaster Loan Program (EIDL) and Paycheck Protection Program (PPP), financial analysis and ideas for future dealing with the COVID-19 pandemic. And how to move forward with purchasing another local restaurant (Bimbos) while handling the disaster with his existing businesses.
The assistance and help the SBDC provided:
Center personnel assisted client with responding to the pandemic by understanding the differences and relations between EIDL and PPP, applying for these programs and identifying other beneficial programs that help ease the disruptions of the business operation. Center personnel helped client pre-evaluated Bimbo by researching Bimbo’s business credit report to make sure that it does not have anything negative (late payments, judgments, collections or tax liens) on their reports. Also partnered with the ASBDC Capital Access Team who work with different lenders to do a global cash flow analysis to evaluate client’s cash flow and connect client to lenders who are interested. Center personnel also assisted client with using Betterfin which is a platform for financing to find the least cost of financing option.
Impact of working with SBDC?
Mr. Kirkland was successfully approved for the EIDL loan and PPP, he was able to keep his current businesses and purchased the other local restaurant. He successfully retained his employees from Kirklands and King Chick and also the employees who works for Bimbos which is the restaurant he purchased while handling the pandemic. The impact and confidence he has given to his community is invaluable.
“Ms. Zheng has been a great help in the purchase of the business as far as financial advice, programs, webinars that were very educating on business. A financial analysis was done to provide the information I needed to make this transaction work. Thank you to all that helps!”Williams Kirkland, Owner