Ascendus brings free one-on-one financial coaching to small business owners and their employees.
Nade’s income disappeared overnight, upending her small cleaning business and her personal finances, when the COVID-19 crisis hit.
At the time she was expecting a baby with her husband, a taxi driver, dreading what COVID-19 might mean for her and her baby’s health and what the sudden financial freefall would do to her family, business, and employees:
“Nothing was working on my side during the pandemic. I remember I cried to my loan consultant one day because I was thinking about how everything was upside down all of a sudden. She followed up with all the resources she could find. She went above my expectations. When those types of people reach out to you it empowers you to not give up because you have people counting on you.”
Ascendus worked with Nade to identify resources including expanded unemployment benefits through the CARES Act, and ways to free up limited cash for necessities by negotiating with her creditors to defer payments. Nade also received a $1,000 cash grant in April 2020 from Humanity Forward which partnered with Neighborhood Trust to distribute unconditional cash relief to Bronx residents early in the pandemic.
“All of us who received the payment, it made a really positive impact on our lives. Whether you use it for rent, electricity, or groceries–it just takes the weight off our shoulders a little bit.”
Over a year later, Nade is on a path to financial security. While she’s not used to taking care of a healthy 13-month-old while working, it’s manageable with the support of her husband who is able to align his driving schedule so they can all spend time together: “I’m grateful to have a husband to take care of the baby. I couldn’t do it myself.”
This year Nade has grown her business and brought on contractors and two employees, “so I can work whenever I want depending on how many contracts I’m able to take on. I’ve signed a few additional contracts that are well paid. I’ve now been able to pay myself and wipe out my personal credit cards, and I’m in the process of paying off the company credit cards.”
What does she think about her rollercoaster path to financial security since the onset of the pandemic?
“I want to tell my loan consultant; I know you worry so much about me but I’m starting to do good so you don’t have to worry about me.”
Visit https://www.ascendus.org/products/ today to learn more about the products Ascendus has for small businesses.