An ARC loan lifeline? Not for one Everett travel company
Thursday, December 24, 2009 | 10:30 am
The owners of Travel 4 Real wanted a lifeline, a $35,000 federally backed loan that would help pay for new employees and expansion.
They got their loan through JPMorgan Chase, part of a stimulus package approved by Congress and the president earlier this year. But an unexpected delay in receiving the money will make adding jobs unlikely and could end up costing some.
Deborah De Maio and Rem Malloy at work at the Travel 4 Real office. (Herald photo/Dan Bates)
“It's just put us in a bad situation,” said Rem Malloy, who runs the Everett-based travel company with his mother, Deborah De Maio. “If they'd told us this would happen, we could have planned.”
They applied for an America's Recovery Capital loan through Chase months ago, knowing it was a long shot. When their application was approved, they made plans to pay off debt and hire a marketing manager in time for the busy winter season of their tour business.
On the day the final papers were to be signed, their Chase loan agent delivered news that changed everything. The bulk of the money wouldn't be distributed until March.
Read more about what that meant for Travel 4 Real here.
They got their loan through JPMorgan Chase, part of a stimulus package approved by Congress and the president earlier this year. But an unexpected delay in receiving the money will make adding jobs unlikely and could end up costing some.
Deborah De Maio and Rem Malloy at work at the Travel 4 Real office. (Herald photo/Dan Bates)
“It's just put us in a bad situation,” said Rem Malloy, who runs the Everett-based travel company with his mother, Deborah De Maio. “If they'd told us this would happen, we could have planned.”
They applied for an America's Recovery Capital loan through Chase months ago, knowing it was a long shot. When their application was approved, they made plans to pay off debt and hire a marketing manager in time for the busy winter season of their tour business.
On the day the final papers were to be signed, their Chase loan agent delivered news that changed everything. The bulk of the money wouldn't be distributed until March.
Read more about what that meant for Travel 4 Real here.
Know a small business you think we should write about? Contact Herald writer Amy Rolph at arolph@heraldnet.com.
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