FSBDC at UCF Assists Haitian Quality Services Obtain Needed Capital Investment
December 4, 2013
FOR IMMEDIATE RELEASE
Contact: Hal Thayer, Communications Director, SBDC at UCF, 407.420.4850 or hthayer@bus.ucf.edu
Orlando, FL – Meeting the needs of your community and building a successful business can sometimes be accomplished simultaneously, especially with assistance from the Florida Small Business Development Center at UCF (FSBDC at UCF).
Mr. Jacquelyn Daquin came to the FSBDC at UCF seeking assistance with refinancing the mortgage on his business property. Mr. Daquin, the owner of Haitian Quality Services, provides a range of fee-based services for residents in the West Orlando community. Services are provided in French, Creole, and Spanish, and include immigration, bail bond, divorce, document translation, language interpreting, tax preparation, business assistance, college and employment applications etc.
The business began because Mr. Daquin saw a need in the community: residents wanted to better their lives and take advantage of economic opportunities but were struggling with the language barrier and limited education. Mr. Daquin, who obtained his Master’s Degree in Criminal Justice from the University of Central Florida and is also a Certified Respiratory Therapist, started offering services in a limited capacity. The business grew as the company’s reputation soared and his services were sought after.
With this in mind, Mr. Daquin decided to purchase a property to house the business, and use the revenue from the business to renovate and expand the facility. Unfortunately, before the renovation was completed, he ran out of funds and was forced to accept a very high interest rate mortgage to complete the project. He paid this mortgage for several years before deciding that, if he could substantially reduce the monthly payments, he could grow the business and possibly hire more people, hence the desire to refinance the mortgage.
Mr. Daquin applied to several banks and was denied. It was then that he was referred to Pauline Davis, a certified business analyst at the FSBDC at UCF. She reviewed his information and assisted him with preparing a business plan, cash flow projections and accompanying financial documents to complete a revised loan package. He was referred to the bank and was once again denied the loan.
At that juncture, the FSBDC at UCF’s Davis contacted the banker for an explanation of the denial, and was told Mr. Daquin had credit issues. A further review of his credit records showed that there were errors and unexplained items on the report, and that he had a better credit history than represented by the report. With that understood, he was referred to the Black Business Investment Fund (BBIF) for their specialized loan program. The FSBDC and BBIF worked with the client to address his credit issues and business needs, and BBIF finally refinance the property.
Mr. Daquin is so grateful for the assistance and states, “There was no way I could have gotten the loan without Pauline Davis at the FSBDC. I could not understand why I was being denied; she patiently assisted me with the business plan and through the process. She is truly a “STAR” and my business and the community will be eternally grateful.” He is very optimistic about his future and growing the business.
— FSBDC —
About the FSBDC at UCF
With its main office in the National Entrepreneur Center located at the Fashion Square Mall in Orlando, the Florida Small Business Development Center at the University of Central Florida (FSBDC at UCF) is part of the UCF Office of Research & Commercialization and the Florida Small Business Development Center Network (FSBDC Network). THE FSBDC at UCF provides business seminars and no-cost, one-on-one business consultation to emerging and established businesses. The FSBDC at UCF serves an eight-county area that includes Brevard, Flagler, Lake, Orange, Osceola, Seminole, Sumter, and Volusia counties and maintains 10 service centers across Central Florida.
In 2012, the FSBDC at UCF served almost 6500 entrepreneurs and small business owners through consulting and training, resulting in 9,961 Central Florida jobs created, retained or saved; $1.3 billion in sales growth; $50.4 million in capital formation; $104.6 million in government contract awards; and 108 new businesses started.
About the FSBDC Network
For over 35 years, the FSBDC Network has nourished a statewide partnership between higher education and economic development organizations, dedicated to providing emerging and established business owners with management and technical assistance, enabling overall growth and increased profitability for the businesses and economic prosperity for the state. The FSBDC Network is a statewide service system of 41 centers with 60 outreach locations, including the FSBDC at UCF.
In 2012, the Florida SBDCs served approximately 38,000 entrepreneurs and small business owners through consulting and training, resulting in 47,845 jobs created, retained and saved; $6.3 billion in sales growth; $235.2 million in capital accessed; $588.4 million in government contract awards; and 744 new businesses started. And, for every $1 of Florida public and private sector investment in the FSBDC programing 2012, $40 was returned to the state in tax revenue.
The FSBDC at UCF and the FSBDC Network are funded in part through a cooperative agreement with the U.S. Small Business Administration.
FSBDC at UCF | 3201 E. Colonial Drive | Orlando, FL 32801 | p 407.420.4850 | f 407.420.4862
sbdc@bus.ucf.edu | www.sbdcorlando.com
