Elevate Services Group provides IT services to small and mid-sized businesses throughout the Denver metro area. As an IT company during a time when nearly all businesses have to switch to a remote work environment, one would think that Elevate would be just fine. However, Elevate was experiencing the domino effect of the economic stress caused by the COVID-19 pandemic. Elevate’s clients couldn’t maintain their customer base, which caused them to either close their doors, furlough employees or reduce services like those Elevate provides.
Elevate founder, Evan Eakin found himself in the same boat as his clients – working to find a solution to help keep his business open and his employees paid. “We were expecting a material dip in revenues and would have to consider restructuring the company if we couldn’t find a solution to get us through the lock down,” said Evan.
The solution came at the end of March with the CARES Act. “We saw a bridge that could see us through this period,” said Evan. He immediately reached out to his business banker to ask what steps he could take to secure his PPP loan. After ten days of back and forth with his banker, Evan felt like he wasn’t making any progress. “It was the first time since forming the company 3 years ago that I felt like I had no control over the situation. I have families reliant on us to find a solution, and a bank that wasn’t providing any guidance on how to secure the loan,” said Evan.
Thankfully, Evan was connected with Central Bank & Trust’s CEO, Scott Page. Scott connected Evan with Aaron Mispagel at the CB&T Denver branch. “For the first time in two weeks I had an actionable plan; steps to take that would result in securing our loan” said Evan. “I was in constant contact with Aaron and his team, and it was surprisingly easy to process the application.”
100% of Elevate’s clients are now in a remote office or fully digital business set up. “We look at the Cloud like a utility- you’re only paying for what you use, like water and electric bills,” explained Evan. “This allows us to provide our clients a natural flexibility with their data and applications. So, when our clients had to move to a remote environment because of the stay at home order, there was no real heavy lifting but instead a quick transition.” The PPP loan that Evan secured for his company, not only keeps his employees paid, but allows his clients to keep the IT services that they are currently so reliant on.
“CB&T, Aaron, Trisha and Sharon – the whole team – have been such a tremendous help,” said Evan. “I work with community businesses to fulfill so many of Elevate’s needs- Insurance, Lawyers, HR etc. I am an active member of the Denver Metro Chamber of Commerce, but when it came to banking, I went with a big bank. In our company’s biggest hour of need it wasn’t a big bank that could deliver, not by a long shot.” Evan continued, “We’re in such better hands now with Central Bank & Trust. A local bank who actually knows what I’m going through and can appreciate what we as a community business are striving for.”
If you have questions about the PPP loan process, or if you’re a business owner looking for solutions during these unique times, please contact our team today. We’re here to help.