412 H Street, NE , Washington, DC 20002
A year before founding his business, Absolute Cleaning Service, Reginald Cassidy had been a car salesman.
“I had sold a commercial vehicle to a cleaning company and saw the success they were having,” Cassidy said.
As any good small business owner would do, Cassidy saw an opportunity and took it. Although Cassidy found some success fairly quickly, there were challenges too.
The challenge of “Not knowing. Not knowing how to get work, not knowing how to hire the right people” was daunting, Cassidy said.
But after finding his legs as a small business owner he was off to the races. “I had two contracts with the African-American Museum, the Coast Guard at Saint Elizabeth’s and more,” Cassidy said.
That’s when Cassidy needed a different kind of help. As a young company, Absolute Cleaning Service didn’t have the track record banks were looking for. Because Cassidy had started his fast-growing small business only a year earlier, he found it hard to get financing.
“I tried getting a loan from three different banks. I hadn’t been in business for two or three years so they turned me down,” said Cassidy.
But Cassidy’s business was growing and he needed capital — and quickly.
He was winning and supporting larger contracts but, as his staff grew, it became more and more difficult to fund the business himself and live from contract to contract.
Cassidy needed a healthy and sustainable source of funds to push through to the next stage of business. That’s when he met the staff at Wacif.
“I was given Wacif’s number by another small business owner and told to call Wacif Executive Director Tim Flanagan, and it started from there,” Cassidy said.
Reginald started working with Ian Lawrence, Wacif’s Director of Lending. With Wacif’s business counseling and technical assistance, combined with our access to capital, Reginald was able to stabilize his cash flow, fulfill his contracts and continue to hire and grow.
“Without Wacif’s help I wouldn’t have been able to make payroll, I wouldn’t have been able to fund my contracts,” said Cassidy, whose firm has created 30 jobs in its five years of operation.