Nearly three years ago, at the height of the pandemic, The Connor Group launched a loan program for small businesses. In total, we provided more than $1.5 million in zero-interest loans, helping businesses survive and thrive during challenging economic times.
Under the leadership of partner Mike McQuiston, we created an application process that mirrored our Connor Group systems and acted quickly.
“Just like a potential acquisition, we used a weighting system for our applicants. We assessed the businesses’ leadership, financial situation, how committed ownership was, and their chances of success,” Mike said. “We had 75 applications and distributed loans to 23 businesses.”
The program was wildly successful. The zero-interest loans provided a much-needed boost to businesses across a wide range of industries in Dayton and Cincinnati. From early childhood educational facilities, restaurants, retailers, and even a veterinary surgical center – each company received a loan ranging from $15,000 to $150,000.
Today, more than 80-percent of those loans are paid in full. Even more exciting, 22 of the 23 businesses needing assistance are still operating today.
“It’s gratifying,” Mike said. “Some of the owners we’ve become close with over the last three years. They come to us not just about the loans, but for advice and counsel. We’ve learned about their ups and downs. Some of these iconic businesses, without a doubt, wouldn’t be here today without this assistance.”
Partner and accounting assistant Wendy Taylor was instrumental in executing the program. She spearheaded administrative work on the 23 loans, tracking payments, cashing checks, and ensuring every dollar was properly allocated.
Our associates on the front lines, operating at an elite level, allow us as an organization to give back in times of need, doing the right thing not just company-wide, but in the community.
One business owner recently wrote a letter highlighting their gratitude for the small business loan program. We wanted to share the good news…
Good afternoon –
I thought it would be a good time to give you an update on our business as we close out 2022.
I am happy to report that 2022 was our BEST YEAR EVER!!
We have survived the pandemic, employee issues and the rising costs associated with doing business to emerge stronger than ever.
I cannot overstate the significance of the loan we received from you. There is absolutely zero doubt that we would not have survived without your unbelievable generosity. It’s hard to put into words the magnitude of our appreciation. So, please accept my heartfelt THANK YOU!
I hope 2023 brings you and your families good health and much happiness.