CLIENT SPOTLIGHT
Sanchez Coleman Studio
BBIF Helps Hispanic-Owned, Interior Design Firm in Miami Obtain Much Needed PPP Loan
Angel Sanchez has become internationally recognized as a high-end architect and fashion designer. As CEO of Sanchez Coleman Studio, LLC, Angel and his team offer quality lifestyle, fashion, and interior design services to celebrities, but also to their beloved South Florida community.
DEMOGRAPHIC
Hispaced-Owned
LOCATION
Miami, FL
LOAN PROGRAM
Paycheck Protection Program
THE CHALLENGE
Battling the Pandemic to Keep Latin Talent Alive
As CEO, Angel has to face the possibility of laying off his talented team due to reduced hours of operation and depletion of cash reserves during the COVID-19 pandemic.
His mission to spread awareness of valuable Latin talent was threatened by the pandemic. Unfortunately, minority-owned small businesses, particularly Black and Latino, have been hit the hardest during the pandemic, and Sanchez was no exception.
THE SOLUTION
BBIF Comes Through for Sanchez Coleman Studio with PPP Loan
While the CARES Act passed by Congress aimed to provide coronavirus relief to small businesses through the Paycheck Protection Program (PPP), only 38% of small business owners reported receiving what they requested while just 12% of black and Latino business owners reported getting the aid they so desperately needed. Sanchez was relieved to hear about the PPP loan and reached out to his bank for support only to have his application pushed to the side.
Optimism was restored when BBIF, a Community Development Financial Institution (CDFI) that focuses on black, minority, and underserved businesses, was able to secure Sanchez Coleman Studio a PPP loan.
My experience with BBIF was so smooth and professional, but at the same time personal. I will never forget what BBIF made for us. They assisted us in this complicated application process and gave us fast answers in a time of uncertainty. I will always be thankful for that!”
Angel Sanchez
CEO of Sanchez Coleman Studio, LLC
THE IMPACT
PPP Loan Saves Jobs While Advancing Talented Latin Designers
The impact of the PPP loan on Sanchez’s business was significant. With the help of BBIF Florida, Sanchez was able to acquire much-needed payroll finances, which helped protect nine jobs and recover his business. The PPP loan ensured that Sanchez could continue his mission of celebrating Latin talent, and it highlighted the importance of community support and financial institutions’ roles in supporting minority-owned small businesses during challenging times like the COVID-19 pandemic.
