Essential Business Services for Entrepreneurs and Nonprofits
In March 2020, the COVID-19 pandemic had devastated businesses and nonprofits. In Fort Worth, Texas, CauseLabs – a public benefit corporation providing business and nonprofit strategy and digital development services – had just lost a large source of funding. CEO Sheryle Gillihan knew CauseLabs needed financial support options in order to keep operating.
Gillihan reached out to her bank and to CRF seeking a PPP loan. Having received prior financing from CRF, Gillihan had confidence that the CDFI could help her find the information she needed to begin the application process.
After talking with CRF and viewing several CRF webinars about PPP, CauseLabs submitted its application and received a PPP loan in the first round of funding. Gillihan immediately used the loan for payroll and rent for CauseLabs’ office space, which has been closed
throughout the pandemic.
CauseLabs’ PPP loan helped bridge a portion of the financial gap left by cancelled contracts, allowing CauseLabs to continue to be good partners to the nonprofits they serve. At a time when communities were struggling with the pandemic and racial inequity, CauseLabs was able to take action on solutions with its partners that will have a lasting impact.