George Ferguson, owner of Reliable Electric Supply, pictured in his supply warehouse
The South Los Angeles BusinessSource Center (BSC) assisted entrepreneurs George and Jeannette Ferguson, owners of Reliable Electric Supply (RES), to qualify for a $28,000 loan to launch their business.

In January 2019, RES quickly grew their online “smoke detector” sales through Amazon. In order to keep up with demand and cash flow, they needed more inventory. Jeanette was determined to find a way to bridge their working capital needs to bring their company’s sales to the next level, while at the same time addressing their credit challenges and cash flow.

The South LA BSC, run by EWDD partner Vermont Slauson Economic Development Corporation (VSEDC), reviewed their credit history, delivered a credit consultation and provided one-on-one technical assistance. The South LA BSC staff also arranged a meeting with a credit consultant who drew up a 30-day strategy designed to delete specific negatives on their credit reports.

Lastly, BSC staff analyzed RES’s accounts receivables and determined that as they increased volume they needed a financing option to increase cash flow. The South LA BSC continues to work with the Fergusons, who anticipate adding an additional full-time employee by spring 2019 due to their increased sales.

EWDD’s BusinessSource and WorkSource Centers offer a variety of Business Services, including several Financial and Development Incentive Programs and a Small Business Loan Program. Learn how EWDD can help.

This story is part of the EWDD UPDATES from the week of January 28, 2019. Read this issue and more.