The program was established to provide working capital loans for businesses adversely impacted by the COVID-19 pandemic. Businesses exactly like DFy, a competitive dance studio dependent on tuition, that was especially hit hard when it had to close its doors.
“I have not seen my students nor been able to teach dance since March 9. I received the last month of tuition from my dance families for March, and have not had any income for April, May, and June,” says owner Nicole Sturm. “Dance tuition was always paid at the beginning of every month, so I am essentially paid monthly, once a month.”
Sturm has owned and operated the studio since October 2006. DFy teaches children, between the ages 8 through 18, in the areas of ballet, lyrical, jazz, contemporary, hip hop, and Latin styles of dance. Even amidst financial uncertainty, she is ever passionate about her students, saying she’s sorry many of her dancers are not able to compete.
“We are a competitive dance company who travels the Midwest competing on a regional level, as well as nationally in places such as Minneapolis and Las Vegas. In fact, we were slated to attend nationals in Duluth last month. But, like almost all competitive sporting events, the competition was cancelled,” adds Sturm.
LCD Group Commercial Lending Director Matt Burthold says the short-term bridge financing offered through the program is making a difference for DFy and other businesses.
“This is an innovative and simple program. We’re here to help Nicole and other small business owners have the working capital they need to get through this tough time,” says Burthold.
LCD Group Executive Director Brent Ekstrom adds: “Our philosophy at Lewis and Clark Development Group in normal times is it is best to do more together. During these times, our commitment is to do whatever it takes to keep small businesses afloat.”
A PDF with complete information may also be downloaded here.
Click here to visit The DFy Project Company’s website.