Buffalo Business Uses PPP to Keep Employees Working
Summary
Success story dated May 6, 2020 by Jordan Belser of the Small Business Administration Wyoming District Office about Sports Lure, a sporting goods store in Buffalo bought by Dave and Sandy Todd in 1968 and now managed by their son Lucas and his wife Jamie. Lucas Todd says closures and stay-at-home orders cut traffic and sales by 30 to 50 percent. The store obtained a loan under the program funded by the Coronavirus Aid, Relief, and Economic Security Act through Steve Reimann at ANB Bank, and Todd says it now covers payroll and major overhead. The story says the program had helped more than 3.8 million small businesses and that roughly $140 billion was still available as of May 4.
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Buffalo Business Uses PPP to Keep Employees Working
By: Jordan Belser, SBA Wyoming District Office
BUFFALO, Wyo. (May 6, 2020) – Dave and Sandy Todd are childhood sweethearts that were born and
raised in Buffalo, Wyo. and bought the hometown Sports Lure in 1968. The Sports Lure is a full-line
sporting goods store that offers fishing, hunting, archery, camping, cycling and skiing equipment and
service – and nearly everything in-between.
Their oldest son Lucas and his wife, Jamie, have been involved with the business for more than 25 years
and now manage the business. The Buffalo staple has weathered myriad challenges throughout the
years, but difficulties presented by COVID-19 had put their future in jeopardy.
“The closures and stay-at-home orders have cut consumer traffic and sales by 30 to 50 percent,” said
Lucas Todd. “Obviously, that hinders positive cash flow and makes meeting payroll and overhead
obligations very difficult.”
Todd says the Payroll Protection Program (PPP) has improved their chances of surviving this economic
situation.
The PPP, funded by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, has helped more
than 3.8 million small businesses nationwide. The program is designed to assist small business owners in
maintaining payroll. Up to 75 percent of the loan – which can be up to $10 million at a 1 percent interest
rate – can be forgiven. As of May 4, roughly $140 billion worth of funding was still available in the
program.
“Our experience throughout this process has been excellent. Our primary community lender
approached us and led us through the whole thing,” explained Todd. “It was very seamless and easy, all
due to a very conscientious lender – Steve Reimann at ANB Bank in Buffalo.”
PPP applications are processed by lending institutions, and community banks across the state have
taken the charge to get those funds into their respective communities.
“The Sports Lure is truly an anchor for business in Buffalo, having been in operation for more than 50
years and drawing customers from around the region, not just Johnson County,” said Steve Reimann,
ANB Community Bank President. “The Todd family is deeply dedicated to this business and to the larger
business environment in Buffalo, and they continue to demonstrate and affirm that dedication on a
frequent basis.”
Todd says he’s now able to fulfill payroll and major overhead expenses by utilizing limited sales revenue
to pay vendors and outstanding invoices.
“We’ll continue to provide professional and personal customer service with an experienced staff and
top-quality merchandise, as we always have,” said Todd.
For more information about this program please visit the U.S. Department of the Treasury or SBA PPP
websites, or contact your lender. The SBA Wyoming District Office can be reached at 307-261-6500. A
list of participating lenders in your area can be found under the resources section of our website.
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As
the only go-to resource and voice for small businesses backed by the strength of the federal
government, the SBA empowers entrepreneurs and small business owners with the resources and
support they need to start, grow or expand their businesses, or recover from a declared disaster. It
delivers services through an extensive network of SBA field offices and partnerships with public and
private organizations. To learn more, visit www.sba.gov.
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