Black owned security agency receives critical aid with a PPP loan through BBIF Florida

By |2020-06-26T17:33:14+00:00June 9th, 2020|Client Stories|

About Fidelity Security Agency

At Fidelity Security Agency, CEO Michael Williams has two goals. First, provide highly trained security professionals to protect client assets from criminal acts. Second, show his utmost appreciation and recognition to his valued employees.

Fidelity Security Agency, a black owned business, was undergoing an exciting expansion. After 13 years of operation, the company was looking to secure more accounts in the hotel industry. When the COVID-19 pandemic hit, it caused clients to retreat. Several were unable to pay for continued service and past services went unpaid. Once the cash flow stopped, expansion plans ceased and cash reserves dwindled. 

Facing Economic Uncertainty

Like Williams, many black and minority-owned business owners have found themselves vulnerable during the COVID-19 lockdown. Limited access to credit, investments and bank loans are underlying factors that have often prevented black and minority-owned small businesses from reaching financial goals. They are also more likely to operate in  the service industries, which have been directly hit by the pandemic. 

Williams knew he had to do everything in his power to protect his dedicated employees. But when he requested a Paycheck Protection Program (PPP) loan from his bank, he could not reach a lender to process his application. 

Back in April, when the PPP was starting to take applications, experts reported roughly 95% of black-owned businesses had little or no chance of obtaining a PPP loan through a national lender because many were only working with existing clients to speed up the approval process. While some national lenders were prioritizing larger loan applications to help maximize their own profits. This prevented women and minority-owned small businesses with fewer employees from applying for the PPP loan because the value of their loans would be smaller than the loans sought by white male-owned businesses. 

Responding to Economic Crisis

That’s when Williams reached out to BBIF Florida for help. BBIF Florida is a non-profit Community Development Financial Institution (CDFI) with a mission to provide capital and training to black, minority, and underserved small businesses.

BBIF Florida walked Williams through the PPP loan process and helped him navigate the eligibility requirements. After securing a PPP loan, Williams was able to save 37 jobs at Fidelity Security Agency and continue to provide excellent service to his clients. 

“The PPP loan was a breath of fresh air for my organization. The peace of mind that my employees will be able to receive their paychecks on time was everything I could ask for. Big thanks to the BBIF team, who answered all of our concerns regarding the PPP loan process.” -Michael Williams, CEO of Fidelity Security Agency, LLC

 

Photos of some of members of the Fidelity Security Team at work.

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