The Compounded Effect of SBA COVID-19 Relief Assistance
Summary
This SBA Houston District Office case study profiles TNR Accounting and Management Consulting, LLC of Katy, TX, founded by Nannette Ray and Terrence Ray in 2008. TNR was awarded $55k in COVID-19 EIDL and $20.8k in PPP funds, with help from Amegy Bank on the PPP application, and says it kept its 10 employees and offered PPP and EIDL consulting to clients at no charge. Seeing that many minority-owned businesses lacked the financial documents the programs required, Nannette Ray worked with partners including the WBEA Women's Business Center to provide financial training to over 700 small business owners. TNR says it has helped clients acquire approximately $1.5M in PPP and EIDL loans, that 2020 revenue nearly tripled 2019, and that 2021 is on track to double 2020.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Full text
Nannette Ray. MBA
President and CEO
TNR Accounting and Management Consulting LLC
Katy, TX
https://www.tnraccounting.com/
The Compounded Effect of SBA COVID-19 Relief Assistance
Background:
Nannette Ray, MBA and Terrence Ray, CPA began TNR Accounting and Management Consulting, LLC
in 2008. TNR is a minority woman-owned small business that provides CFO Services, bookkeeping, tax
preparation, and management consulting services for corporations, governmental agencies, and
small to medium sized businesses.
In 2018, TNR was interested in obtaining WOSB and WBE certifications for the firm and went to the
WBEA-WBC’s Fourth Fridays Coffee Chat to learn more on how to utilize the certifications to grow the
business; this is where the Ray’s first heard of the Small Business Administration.
Situation/Solution:
Fast forward to 2020, COVID-19 made the company realize early on that a pivot was needed to
continue being successful. The duo attended SBA and SCORE trainings to receive training for their
staff concerning the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL)
application processes. Once educated, the firm applied for PPP and EIDL loans themselves. TNR
Accounting and Management Consulting, LLC was awarded $55k in COVID-19 EIDL and $20.8k in PPP
funds; for their PPP loan application, they obtained assistance from Amegy Bank.
Through the process, it became evident to TNR that a large number of minority owned businesses did
not have the financial documentation required to obtain the governmental assistance that was being
provided through the SBA. As a result, TNR became committed to educating small business owners on
financial literacy. In fact, President and CEO, Nannette Ray, partnered with other agencies such as the
Nannette Ray. MBA
President and CEO
TNR Accounting and Management Consulting LLC
Katy, TX
https://www.tnraccounting.com/
WBEA Women’s Business Center, Houston Community College, Collaborative for Children, and
TruFund to name a few to provide financial training to over 700 small business owners. These
trainings have helped small business owners better understand their numbers to help them grow their
business and providing them the information needed to make data-driven business decisions.
Impact/Outcome:
As a result of the assistance from the Small Business Administration, TNR was able to utilize the PPP
and EIDL loan funding to retain their staff of 10 employees and offer PPP and EIDL loan consultation
services to all their clients at no charge. In fact, the firm has proudly assisted clients in acquiring
approximately $1.5M in PPP and/or EIDL loans.
Due to their willingness to be flexible, TNR’s financial results for 2020 nearly tripled the revenue
generated in 2019. Year to date 2021, the firm is on track to double its revenues from 2020. TNR
continues to look for opportunities to build relationships and grow their business including
participating in the SBA’s 8(a) Program.
For more information on TNR Accounting and Management Consulting LLC, visit:
https://www.tnraccounting.com/
For more information about SBA programs, visit: www.sba.gov/tx/houston
File and source
- File
- The_Compounded_Effect_of_SBA_COVID-19_Relief_Assistance.pdf
- Size
- 234,136 bytes
- SHA-256
- 9abc18a9ed6b1861197854bbb4db1a1578d1e3a6490c4494da1ac9470b273e01
- Original
- www.sba.gov