When I contacted the SBDC, I had a lot of questions. The SBA website was practically unnavigable and I spent hours trying to figure it out on my own. The SBDC assured me that I wasn’t crazy, the rules were changing quickly and the SBA was simply swamped with loan applications, so the SBA wasn’t readily available for help. The SBDC helped us go through the application process, successfully get what we wanted, and save us a tremendous amount of time.
Located in San Francisco, Buena Vista Seafood represents serious, responsible fishermen and fish farmers from around the world and supplies their products – the very best seafood fishermen and farmers have to offer - to the North American market.
Prior to COVID-19, Buena Vista Seafood’s primary target market was restaurants, most overnight sales through which were reduced by 80% because of the shelter-in-place order in San Francisco.
The business was trying to explore funding opportunities that were available through the SBA’s disaster lending programs – the Economic Injury Disaster Loans (EIDL) and the Paycheck Protection Program (PPP).
The business experienced problems navigating the SBA disaster loan programs – which were brand new and constantly changing. The SBDC helped the client with the application process to both determine how much EIDL and PPP the business can qualified for and how to work with the lending sources.
Initially, the lender miscalculated and underestimated the amount of PPP loan the business qualified for and dispersed an amount that was about 25% of what the business should have gotten. The SBDC quickly and easily guided the client in getting a modification to the loan.
Shortly thereafter, the business received an increase to the PPP loan amount and SBDC continues to provide assistance in the forgiveness application.
Financial assistance from PPP and EIDL loans allowed Buena Vista Seafood to keep employees on payroll, and keep the business afloat during the pandemc.