Update: Chase changes loan disbursement for Travel 4 Real
Published 11:29 am Friday, January 8, 2010
Good news for Travel 4 Real, the Everett-based company we wrote about a few weeks ago.
I got this email yesterday from Rem Malloy of Travel 4 Real: “Update: Chase changed our loan and issued the disbursement exactly the way we wanted it just after the holidays.”
Deborah De Maio and Rem Malloy of Travel 4 Real. (Dan Bates/The Herald)
When our story was published, Malloy and his mother were struggling to figure out why a $35,000 federally-backed loan was working against their company instead of helping.
They wanted lifeline, a 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. They they found out they wouldn’t receive the bulk of their money until March — long after the company needs it.
This change means Travel 4 Real can go ahead with plans to hire for its busy planning season in the winter.
Travel 4 Real’s frustrations also prompted action from U.S. Rep. Rick Larsen. He sent this letter to Small Business Administration head Karen Mills late last month.
Know a small business you think we should write about? Contact Herald writer Amy Rolph at arolph@heraldnet.com.
