For Kreative Kids Learning Center (Kreative Kidz), an early learning center owned and operated by Simeon Multon, 2020 was meant to be their year. Having experienced significant growth in the years leading up to 2020, Simeon had plans for major expansion this year. “The year 2020 was going to be the best year for Kreative Kidz. We were in the planning process of opening our 8th room, expanding the business services and expanding our hours of operation,” Simeon remarked about the center’s plans for growth.
The economic impact of the Coronovarius (COVID-19) pandemic and resulting statewide shutdown changed everything. Simeon, a black business owner, like many minority and underserved businesses nationwide, was adversely impacted by the economic shutdown. He feared the worst for his business and his employees, not knowing where to turn for help in the midst of all the uncertainty.
With parents out of work, and children remaining at home, the business’ revenues dried up overnight. It was nearly impossible for Simeon to continue to pay, and therefore retain, his employees. That’s when he turned to BBIF, a non-profit Community Development Financial Institution (CDFI), and SBA approved lending affiliate for the Paycheck Protection Program (PPP) and applied for a PPP loan.
The approval of their PPP loan has given Simeon and his team at Kreative Kidz hope. This loan gives him the opportunity to take care of his teachers and ensure their livelihood in these uncertain times.
“I really appreciate BBIF & the SBA. Thanks to their hard work, I don’t have to worry about losing my business. The PPP loan allows me to take care of my staff, acts as a bridge to carry us through the uncertain times, and gives us a clearer shot towards rebuilding and continuing on toward our goals.”
Simeon Moulton, Owner & Operator
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