Since its inception in 1997, Renaissance has provided over $28 million in financial assistance to over 700 small businesses and entrepreneurs. In addition, Renaissance has offered comprehensive training and technical assistance to over 3,000 entrepreneurs in the past five years.
Established in 2001, M&M Environmental is a leading, eco-friendly pest control company located in Manhattan’s Lower East Side. M&M has been certified by the New York State Department of Environmental Conservation and received certification in QualityPro and GreenPro designations from the National Pest Management Association. The company currently employs around 30 full-time workers, and serves commercial clients from industries such as hospitality, retail, food & beverage, hospitals, and finance, as well as a number of residential clients.
The company offers a variety of eco-friendly solutions, and stays on the forefront of bedbug extermination by using all of the latest industry technologies such as heating, freezing and working with teams of NESDCA-certified bed bug detecting canines. M&M has been interviewed in a wide range of television and print media, and provides updates on pest control news and anecdotes on their company blog, M&M Buzz, and on the M&M Environmental Youtube Channel.
Since enrolling in the technical assistance program at Renaissance, M&M’s technical director Timothy Wong has benefited from more than 13 hours of business counseling on topics such as management of working capital, machinery purchasing, and credit counseling. After working extensively with our business counselors, M&M successfully secured $75,000 in financing from Renaissance to increase business capacity for the 2011 spring bedbug season.
Mr. Xu’s DNA
Universal DNA Determining Center LLC is a minority-owned company that provides undergarment tailoring services for women in the New York tri-state area. DNA was incorporated in 2003 in Manhattan’s Chinatown by Mr. De Xin Xu. DNA is a fashionable retail company that produces and sells lingerie, customized undergarments and night clothes for women. Despite changes in demand for fashion-forward items during the 2008 recession, DNA managed to reduce overhead costs and increase net profit. DNA’s need for financing came in 2010 when the business was impacted by a seven-alarm fire on Manhattan’s Grand Street, which closed two city streets, re-routed traffic, and adversely affected an entire neighborhood for months.
In response, Renaissance Economic Development Corporation, a nonprofit SBA Microlender, announced a 2%-interest emergency loan fund to help small businesses impacted by the fire. DNA applied to Renaissance and received a total of $50,000 in low-interest loans. As a result of the financing, DNA hired three employees and opened a new location in Brooklyn, New York City.
Mr. Xu also received one-on-one business counseling from Renaissance to help with business operations, licensing issues and choosing a new store location to re-build his business; and attended the comprehensive Entrepreneurial Training Course. As a result of Renaissance’s financing and business counseling, DNA has amended his marketing efforts and increased sales. In fact, Mr. Xu is aggressively marketing to a new customer base in Spanish and Chinese immigrant communities, where there is unmet need for these products, and has revised upward his projected business revenue for the next two years.
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