The Economic & Community Development Institute is helping small businesses navigate the coronavirus pandemic in a variety of ways, and a local gym is one of the beneficiaries.
Chris Laffartha opened ChrisFit Cross Training, 5340 Monroe St., in August with the help of a loan from the Columbus-based organization. ECDI recently partnered with the Ohio Development Service Agency and started a program backed with $10 million to help small businesses.
Mr. Laffartha secured a low-interest $20,000 loan through ECDI.
"That was really helpful," Mr. Laffartha said. "That allowed me to secure a building. It allowed me to remodel this building and get started. It allowed me to buy some equipment. The amount I took, it was quick and enabled me to open up the doors and get more people in."
Mr. Laffartha was working as a pharmacy technician and holding classes at Walbridge Park during the pandemic. After securing the loan, he was able to quit his job and move into a brick and mortar facility.
He had very little equipment at first, relying on a couple of sets of free weights and a plyometrics box he built. The loan also allowed him to purchase more equipment.
Mr. Laffartha offers eight classes per day during the week, focusing heavily on strength training and bodyweight exercises.
"Our goal is to be more personal and remember everyone's name who walks in there," he said. "We work on some circuit training and work on functional training. We teach people how to lift properly. A lot of people struggle picking things up and everyday movements, so we work on certain aspects of everyday life."
Loans are available to all business MBE/EDGE-eligible. ECDI representative Jasmine Dixon says the organization pools money from the state, county, and banks, and takes the average to determine rates.
The method allows many people to receive loans at 5 or 6 percent interest. Microloans are awarded up to $100,000, and loans through the community advantage program can be as high as $350,000.
Ms. Dixon said the goal is to help businesses in as many ways as possible.
"Some people are looking to recover, some are looking for ways to pivot their business model," she said. "Some are looking at income streams and trying to sustain them. What I like is it really can play to any business that has been impacted, no matter what it looks like."
Loans are still being awarded and small business owners can apply at ECDI.org
First Published January 8, 2021, 4:55 p.m.
