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Ray Rico Freelance

Summary

Ray Rico Freelance is a marketing agency located at 2294 Young Avenue in Memphis that has experienced at least a 25% drop in revenue as a result of COVID-19. The applicant had to reduce staff from 9 full time employees to 7 part-time. Company forced to move to monthly payments for clients instead of being paid in advance. A large portion of their customer base has temporally closed or postponed events.
Stabilization and Recovery Plan:
• New strategy to customize marketing plans catered to business’s needs
• Potential to ramp up advertising and marketing needs for “essential” businesses
• Applied for both SBA programs-PPP and EIDL
• Received a $10,000 infusion from EIDL
NEED Grant funds will be used for overhead and business subscriptions to include layout programs, accounting software, etc.

Financing Amount:

$5,000

Projected Total Jobs:

Not applicable

Total Investment:

Not applicable

Approved

5/8/2020

Ray Rico Freelance

2294 Young Avenue, Memphis, TN 38104