Submitted by Washington State Convention Center
Although Washington State Convention Center (WSCC) did not as a governmental entity qualify for the first round of Paycheck Protection Program (PPP) loans offered last spring, they were determined to apply again when the Second Draw PPP Loans opened in January.
The Center’s hopes were lifted when they learned from their general counsel that loan regulations had changed and, as a Public Facility District, WSCC could apply as a destination marketing organization in this round.
They also understood finding the right bank to apply through was critical. After vetting various institutions and tapping into professional networks, they went with a local community lender. First, the lender was familiar with the Small Business Administration (SBA) loan process and were already prepared with web forms. Second, unlike the First Draw PPP Loans, the SBA accepted PPP loan applications only from community financial institutions at the beginning of the Second Draw to ensure a more equitable distribution of funds.
Another element that helped move the process along was providing thorough documentation. This made it easy for the bank to identify how WSCC qualified for the loan, and the bank could quickly verify accuracy of the Center’s financial information with payroll and tax back-up documentation.
“Awareness, preparation and persistence are key elements in situations like these. We were ready to act when the opportunity presented itself,” said Sam Hecker, WSCC Director of Finance/CFO.
“We appreciate the tremendous support of IAVM leadership to amplify the knowledge-sharing regarding these programs with venues,” said WSCC CEO Jeff Blosser. “It’s important for the collective recovery of our business to maintain a strong network among IAVM members.”