BBIF PPP Client Spotlight: Sanchez Coleman Studio LLC
From bridal collections to interior design renovations, 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 work around the clock to offer quality lifestyle, fashion, and interior design services to celebrities like Beyoncé, but also to their beloved South Florida community. Sanchez, a Venezuelan-American business owner, aims to spread awareness of valuable Latin talent. With over 20 years of experience, he dedicates his talent to his Latin American roots. Unfortunately, this mission was threatened when the COVID-19 pandemic escalated.
Due to reduced hours of operation and depletion of cash reserves, Sanchez was devastated to learn he might have to lay off his talented team. “During this pandemic, our main concern was how we could bring back the great group of people we found in Miami and rebuild our company. We want to succeed in our objective to celebrate Latin talent.”
Minority-owned small businesses, particularly Black and Latino have been the hardest hit during the pandemic. Fueling concerns for minority owned businesses is the wealth gap and the fact that 58% of black and Latino households do not have enough to cover a minimum of three months of expenses without income compared to 29% of white households, according to the NAACP.
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 Florida, a Community Development Financial Institution (CDFI) that focuses on black, minority, and underserved businesses, was able to secure Sanchez Coleman Studio a PPP loan. According to Sanchez, with the help of BBIF Florida, he was finally able to acquire much-needed payroll finances which helped protect nine jobs, and recover his business.
“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