William Allison has been in business in Fayetteville for over 10 years. He owns a bail bond business and has several income-producing properties. He has historically been profitable in his business but like many small businesses in our country, he was impacted by the current virus situation. When he learned of the City of Fayetteville Relief loan program that we at CEED were handling for the city of Fayetteville, he applied and qualified for a $5000 loan.
During this process, he became a client of CEED and learned more about our services. He decided to utilize our microloan program to apply for a $30,000 loan in order to upgrade his office and to buy new equipment. We were able to qualify him for this loan and are in the process of closing the loan now.
William is a veteran and minority business owner. It is very exciting to us to see him use the city relief program to help in the pandemic and through that to learn about our other programs, especially our loan program. To be able to help him with a larger loan through our microloan program is an example of how we want to help all our clients, especially those we have met via the city relief loan program.
It is very rewarding to us at CEED to help these clients and to see the process work so we help them in these tangible ways. We are grateful to the city for setting up the program, we have met many wonderful, hardworking people over the last few months while administering the city program.
Hats off to the city and all these great clients like the Allisons!!