Customer Story: Electrical contractor overcomes COVID challenges to keep staff and grow business
January 13, 2021 | Customer Stories
January 13, 2021 – We chatted with David Hubbard, owner of DM Electrical and Construction in Pearland, Texas about how Forward helped his business continue operations despite disruptions due to COVID-19.
Why were you looking for capital?
We are a small commercial electrical contractor, and we don’t have the big lines of credit that our larger competitors have. Usually we get paid 30 to 50 days after a project is completed, so we used the funds to help pay for labor and materials between jobs. While our competitors had big layoffs, we were able to keep our nineteen crew members on staff throughout the pandemic.
How did COVID impact your business?
One of our largest contracts is with the Houston independent school district. When schools were closed, we weren’t allowed into the building and it was a big revenue loss for us. Also, we have strict protocols to ensure our team is safe, and when there were concerns about an outbreak, we closed down for a few days to make sure no one contracted the virus.
What was important to you in determining your financing partner?
Working with a reputable company with similar values as us was very important. Forward gave us a good rate, an easy process free of headaches, and a simple online portal that allows us to track our payment progress.
What was it like working with Forward Financing?
Everyone we worked with was knowledgeable and added value to the experience. When we needed help with making payments, they were flexible, helped us find a solution, and put it in place quickly. It was a quick, hassle-free process. They cared about our business, it’s not just a transaction for them.
Interested in learning more about how Forward Financing can help your business? Submit your application today or give us a call at 888-244-9099.