Success Story: ELOC Strengthens Family Business GEMA Construction
With funding from Elevate’s Line of Credit (ELOC), Enrique Cevallos improved his small business’s cashflow, took on more projects, and hired his son to work alongside him.
“Before I started, I’d see my dad taking calls and responding to emails while he was running from site to site,” said Enrique’s son Mauricio. “It was a lot for one person. Now, we’re able to get more projects going because he doesn’t have to be two places at once.”
Enrique launched GEMA Construction about three years ago because he wanted to create a better financial situation for his family. The company specializes in lead and asbestos abatement.
“I started my business to take care of my family, so to be able to involve my family in the business is a very satisfying experience,” he said.
ELOC is a one-year program that provides capital and coaching to small business contractors like Enrique. It helps small businesses cover upfront costs for materials, payroll, and other expenses so they can take on more work and don’t have to worry about cash flow constraints.
“This loan helps me help families,” Enrique said. “It has allowed us to fulfill more projects and ensure more people can live in clean, healthy homes. This work keeps our community safe.”
Prior to applying for ELOC, Enrique was struggling to grow GEMA Construction’s capacity. He’d often have to wait to start projects until he was paid for previous work, creating a bottleneck in his workflow that caused him to miss out on opportunities.
“The loan helped me accomplish a lot,” Enrique said. “It allows me to basically keep working back-to-back and I don’t have to stop to wait for some cash to keep going. It impacted not just me, but also the employees that I have and their families.”
The funding eased the bottleneck, letting him take on more projects and increase his revenue. “It’s a lifesaver for overcoming cash flow problems,” Enrique said.
Applying for ELOC was much easier than working with a traditional bank, Enrique said. In the past, he’d struggled to find time to complete the overwhelming amount of paperwork that other financial institutions often require.
“With ELOC, it was more of an open dialogue,” Enrique said. “If you make any mistakes on paperwork at a bank, you have to redo all of it. With ELOC, if any issues come up, you can clarify things in the moment. They’re always in contact with you and you can take care of any discrepancies together.”
As part of ELOC, borrowers also receive financial coaching from Builder’s Avenue, a non-profit that partners with Elevate to help entrepreneurs plan, manage, fund, and build viable companies. Enrique appreciated that the coaching was personalized and specifically designed for each company’s needs.
“When I first joined my dad’s company, I’d never had much experience with accounting or financials and it was pretty overwhelming at first,” Mauricio said. “I didn’t know where to start. But my meetings with Builder’s Avenue helped so much. They were so patient and did a great job explaining everything and answering all my questions.”
It’s the combination of funding and coaching that enabled GEMA Construction to thrive.
“Starting and running a business can be so intimidating, but this program helps you get on track,” Mauricio said. “You have so many questions starting out, but this program has answers for all of them, and the resources you need too.”
Learn more about ELOC by visiting our website. Businesses located in Illinois and actively participating in clean energy or health and safety projects can schedule a discovery call by emailing ELOC@ElevateNP.org
