1801 Clydesdale Pl NW, Washington, DC 20009
Since 1984 Smith & Sons, a general contracting firm, has been providing plumbing and utility services for commercial, residential and governmental clients alike.
But in 2009, Michael Smith, principal and owner of Smith & Sons went to Wacif after being turned down by traditional lenders.
Though Wacif initially declined Smith & Sons’ loan application, the community lender worked with Smith to help him secure a contract and to strengthen the firm’s financial management practices.
After Smith won an important contract he reapplied to Wacif which extended him a $25,000 line of credit. Months later, Smith won an even larger contract that required more financing. With Wacif’s help Smith was able to obtain an additional $35,000 from another community development loan fund. Over the years, Smith got $100,000 in funding from Wacif.
“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,” Smith said.
With Wacif’s helping hand, Smith’s firm has seen rapid growth: The 35-year-old firm has seen a 100 percent increase in revenues. In fact, to aid him in serving his clients, Smith hired two full-time employees who are residents of the District of Columbia.
Meanwhile, as Smith continues to run his business, he also volunteers his time helping other Wacif clients at the community lender’s technical assistance seminars, workshops and meetings.
“My company is the poster-child for the challenges that small businesses have faced in these difficult economic times,” Smith said. “It was the partnership of Wacif and the Government of the District of Columbia that snatched us from the jaws of total economic disaster.”