Smith and Sons
"When no other money source would give us an opportunity, WACIF said 'yes'. We were given
hope again, and for that, we are deeply appreciative."
"When no other money source would give us an opportunity, WACIF said 'yes'. We were given
hope again, and for that, we are deeply appreciative."
How WACIF Helped
Michael Smith, principal of Smith and Sons, applied to WACIF for financing in the fall of 2009. WACIF originally declined Smith & Sons’ loan application, but continued to assist Mr. Smith in securing a contract and strengthening Smith & Sons’ financial management. When Mr. Smith procured a contract, he reapplied to WACIF and was approved for a $25,000 line of credit.
Months later, Mr. Smith was awarded an even larger contract that required more financing. WACIF worked with another community development loan fund to secure an additional $35,000 for Smith & Sons.
Impact
Smith and Sons has seen strong business growth since first approaching WACIF. He has hired two full-time employees, both low-to-moderate-income residents of DC and plans to create several more jobs this year. “My company is the poster-child for the challenges that small businesses have faced in these difficult economic times,” said Mr. Smith. “It was the partnership of the Washington Area Community Investment Fund (WACIF) and the Government of the District of Columbia that snatched Smith & Sons out of the jaws of total economic disaster.”
Since becoming a WACIF client and borrower, Mr. Smith has volunteered his time working with other WACIF clients at technical assistance seminars, workshops and meetings.
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