Update: Since our first SBA loan in late April, QuickBooks Capital has facilitated more than $1 billion in SBA-approved PPP loans for our small business customers. As of July 1, the average QuickBooks Capital PPP loan size was $33,000 compared to the average SBA loan size of $108,000.
Ricky Singh is managing director at Adventiz Inc., a company that sells permanent makeup and microblading merchandise to beauty salons, medspas, and plastic surgeons. Once his clients had to close their doors, he says business at his company decreased by 60-75%.
The company has two full-time and three part-time employees, and is based in Chino Hills, CA, east of Los Angeles. He says, “It was kind of nerve-wracking in the beginning, because our employees saw sales dropping.”
Singh knew his company was a potential candidate for the PPP – and he knew it was important to apply quickly to the program.
Singh tried to apply for a PPP loan with his bank, but got no further than filling out a contact form. “I never heard back from them,” he says, but was determined to keep trying. “I felt strongly that this business would not just evaporate into thin air; it was just a matter of sustaining ourselves during this uncertain time.” He tried another bank, but also got no immediate response.
On April 15, Singh was in QuickBooks working on payroll when an in-product notification appeared, giving him the option to apply for a PPP loan within QuickBooks Capital. The banks still hadn’t responded, so he decided to take a chance.
“And sure enough, I filled out the application. It took me about 5 minutes, maybe less, and it was done. I was really surprised at how easy the process was…It was really a breeze.”
Singh’s perseverance paid off. Adventiz was one of the first to be approved and funded within QuickBooks Capital.
“I received an email, first, and I wasn’t sure if we were going to receive the relief money because there was news that the SBA had run out of funds, he says, “But, we received the money. The whole process literally took, I want to say, six days with a weekend in between, so four days. I was floored.”
When Singh told his employees about the funding, they were very excited and it was a big sigh of relief. “I think we’re gonna be good for a couple months going forward; we’re seeing a small light of hope in the future.”
The company has seen an uptick in other beauty products, such as hair tinting and shaving products, and plan to add more essential products to their portfolio mix going forward.
“We’re not going to shut down completely,” he says, “our products are going to survive.”