Shad Mishu, the owner of California Coast Limo Inc
Shad Mishu, the owner of California Coast Limo Inc., a transportation company based out of San Pedro, was first acquainted with the Harbor-Watts BusinessSource Center (BSC) in 2019 when he needed access to capital.

With the help provided by the Harbor-Watts BSC, Mr. Mishu was able to secure a $415,000 Small Business Administration (SBA) loan with Poppy Bank. The SBA loan enabled Mr. Mishu to purchase a fleet of stretch limos, thereby expanding his revenue streams.

However, due to COVID-19 and mandated reduction in travel, Mr. Mishu lost between 60-75% in revenue by the end of 2020.

Facing this economic downturn, Mr. Mishu reconnected with the Harbor-Watts BSC to ask for assistance with COVID relief options that would allow him to stay in operation. After a one-on-one consultation, Mr. Mishu and the business consultant agreed the SBA’s Economic Injury Disaster Loan (EIDL) would be the best option for his company.

Mr. Mishu was able to successfully secure a $150,000 SBA loan, which allowed him to stay in operation and retain nine employees.

EWDD’s BusinessSource and WorkSource Centers offer a variety of Business Services, including several Financial Programs and Development Incentives for businesses of all sizes. Learn how EWDD can help.

This story is part of the EWDD UPDATES from the week of March 29, 2021. Read this issue and more.