long-time client BusinessSource client Colin Fung in front of his restaurant, Tamashii Ramen House (Sherman Oaks)
Helping Small Businesses Survive COVID-19
The Mid-City BusinessSource Center helped long-time client Colin Fung (left) successfully secure two Federal SBA loans totaling $145,332, allowing him to rehire 18 employees across his three Tamashii Ramen House restaurants in North Hollywood, Sherman Oaks and Studio City.

In 2015, Colin’s business received an “Outstanding Small Business” award from Mayor Eric Garcetti. Colin’s restaurant business began faltering financially in late February 2020, due to the impacts of COVID-19. On the day the City’s Safer at Home ordinance was issued, Colin closed the Studio City and Sherman Oaks locations, while the North Hollywood location remained open for take-out orders.

Soon after, Mid-City Business Coach Wai Ling provided Colin information about COVID-19 disaster loan programs such as the City’s Small Business Emergency Microloan Program, and Federal SBA loan offerings such as the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL). She helped him assess his business’ eligibility and connected him with Bank of America.

Colin applied and was awarded a $135,332 PPP loan and a $10,000 SBA EIDL Advance loan, which allowed him to rehire 18 full-time employees and re-open the two closed locations. All three Tamashii Ramen House restaurants are now offering takeout and delivery orders.

Colin is dedicated to protecting the safety and health of his clients and employees and he has adjusted his business operations in order to meet new requirements due to the COVID-19 pandemic. He has also implemented several strategic changes to help his business survive the health crisis, including improved to-go packaging, and menu updates to include various combo meals and discounts. He has also started partnering with third-party delivery service platforms.

Colin remains optimistic that his customers will return and that his business will recover after the COVID-19 crisis is over.

If you have been impacted by the COVID-19 outbreak, EWDD wants to help. Many residents of the City of Los Angeles have been negatively impacted by COVID-19. Many are faced with job loss or are struggling to keep their businesses operational. Even as all Californians are asked to limit outside activities beyond what is absolutely necessary, the City of LA and EWDD are diligently working to provide crucial services and programs. Please visit our COVID-19 Resources page to learn more. We're here to help.

This story is part of the EWDD UPDATES from the week of June 8, 2020. Read this issue and more.