Local Contractor Receives PPP Loan From BBIF
- Marketing Department
- Jun 9, 2020
- 3 min read
Updated: Mar 24
BBIF Client Spotlight: Kingdom Communications
CEO Phylisa Dever has incorporated her strong work ethic to “do business with integrity and good character.” For over 15 years, Kingdom Communications LLC has taken pride in its commitment to develop cost-effective networks for each and every business it serves.Before the coronavirus pandemic, business was good. Dever had two major companies that kept her team busy with work that required travel across the United States. But with the spread of COVID-19, Kingdom Communications LLC saw its nationwide travel come to a halt as shelter-in-place restrictions became widespread across the nation. Being considered an essential business couldn’t protect Kingdom Communications LLC from the financial pitfalls of the pandemic. Limited demand forced Dever to reduce office staff hours as she carefully monitored the gradual depletion of cash reserves.
The COVID-19 Shut Down Puts Additional Pressure on Kingdom Communications
The pandemic revealed significant economic challenges for many small business owners. Limited access to capital—whether from investments or bank loans—has been a major factor in the lack of cash reserves among this group. According to Federal Reserve data, small business owners have historically faced higher rates of loan denials from national lenders. A recent study by the University of California at Santa Cruz found that the number of small businesses dropped sharply—from 1.1 million in February 2020 to 640,000 in April. This represents a 41% decline among certain business groups, compared to a 17% decline among others.
Desperate to meet payroll for her employees, Dever reached out to her bank to apply for the Paycheck Protection Program (PPP), a loan created under the CARES Act and administered by the Small Business Administration. Unfortunately, the relationship Dever cultivated through the years with her bank was not enough for her to be considered and her request for the emergency funds was never addressed.
CEO of Kingdom Communications Turns to BBIF Florida to Process PPP Loan
Dever, a longtime client of BBIF Florida, turned to the Community Development Financial Institution (CDFI), which specializes in helping small businesses access the capital they need to grow and reach their full economic potential.
As of May 31, 2020, BBIF Florida had provided $5.4 Million in PPP loans to underserved businesses. BBIF Florida was there to guide Dever through the PPP loan application process. After successfully receiving a PPP loan, she was able to meet her payroll requirements and save five staff positions.
“BBIF and the PPP loan have positively impacted my business because I was able to keep my payroll running and I didn’t have to lay anyone off. BBIF Florida really cares and tries very hard to make sure that their clients learn the skills they need to take them to the next level.” -Phylisa Dever, CEO of Kingdom Communications, LLC
About BBIF
Created in 1987, BBIF provides loan capital, financial technical assistance, and business development services to support business owners. As a mission-driven lender, BBIF helps businesses grow by offering capital solutions and specialized guidance tailored to their needs. BBIF is a CDFI (Community Development Financial Institution) and CDE (Community Development Enterprise) certified by the U.S. Department of the Treasury CDFI Fund. The organization is also a Community Advantage and Micro Loan lender certified by the U.S. Small Business Administration, a Money Smart for Small Business collaborator with the Federal Deposit Insurance Corporation (FDIC), and holds an AERIS rating of triple star, A.
Since its inception, BBIF has provided over 1,185 loans totaling $103.6 million and received over $200MM in New Markets Tax Credit (NMTC) awards, for a leveraged impact of over $625 million in NMTC investments. These efforts have created/retained over 15,000 jobs, while maintaining a historical loan loss rate of 4.08%. Learn more at www.BBIF.com.
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