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Success Story: The Light at the End of the Tunnel

Summary

An SBA New Hampshire District success story, release NH-20-24 of May 18, 2020, about KT & T Distributors of Nashua, a minority-owned seller of energy-efficient products. When COVID-19 reached New Hampshire, the company furloughed employees, halted its largest project, the installation of 14,000 LED lights, and saw revenue fall eighty percent. Owner Anthony DeCotis sought advice from the SBA, SCORE and TD Bank and applied for an Economic Injury Disaster Loan and a Paycheck Protection Program loan. The EIDL advance paid rent and monthly bills, and the PPP loan from TD Bank let the company recall its workforce and hire its electricians back to finish the LED project.

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Full text

                                                                   SUCCESS STORY
                                                           New Hampshire DISTRICT
Release Date: May 18, 2020                               Contact: Cheryl Croto, Cheryl.Croto@sba.gov
Release Number: NH-20-24                            Follow us on Twitter, Facebook, Blogs & Instagram




                                         The Light at the End of the Tunnel

When COVID-19 reached New Hampshire, KT & T Distributors of Nashua, a minority-owned small business which
provides energy-efficient products was largely impacted. To reduce expenses and preserve KT & T’s solvency, several
employees were furloughed. They informed their vendors of payment suspensions, ceased accepting new products
and terminated the operation of their largest energy project, the installation of 14,000 LED lights. Revenue
plummeted eighty percent which ravaged cash flow and out of shear necessity they were forced to hold payments
towards rent and utilities. All the years of hard work and dedication put into building the company suddenly seemed
moot, and that is when Anthony DeCotis, owner of KT & T, knew he needed help.

Tough decisions on how to stay afloat were discussed at length. So, Anthony reached out to all the entities who had
helped his company in the past. He spoke to Rachael Roderick of the U.S. Small Business Administration (SBA) who
suggested they spend time reviewing the SBA website, learning of the resources available to them. He took her advice
and spoke with SCORE, SBA approved lender TD Bank, the Greater New England Minority Supplier council, and
participated in Senator Sheehan’s town hall meeting. KT &T was introduced to and learned all about the CARES Act
and the disaster recovery programs available to his business through the Economic Injury Disaster Loan (EIDL)
Program and the Paycheck Protection Program (PPP) loan.

Understanding the opportunity this presented them, they applied for these loans. They quickly received the advance
through the EIDL program which they used for rent and monthly payments. The funds for the PPP loan and were quickly
approved and within days the PPP loan from TD Bank allowed them to recall their workforce and start the business
back up. They have hired all their electricians back to complete the LED light project. The inside sales team is now
following up with client inquiries that were not answered and are currently adding COVID-19 PPE products to the
marketplace. With renewed vigor and hope they are working on a new business plan and have a new determination to
work even harder to grow their business and make a difference in the marketplace.

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20-24_KT_T_PPP_Success_Story.pdf
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Our copy
20-24_KT_T_PPP_Success_Story.pdf
Original
www.sba.gov
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