In early 2020, COVID-19 began to negatively impact numerous industries across the country. This includes the magazine industry, as the pandemic caused a massive drop in revenues throughout the Spring and Summer of 2020 especially. Christy Martinez-Garcia was not sure if she would be able to make back the money, she was losing by continuing to print her Latino-centric magazine covering important local topics every month. Decisions needed to be made regarding potentially shuttering the venture temporarily, or potentially closing the enterprise for good. After working together with Austin Payne, our CARES Act Consultant, Christy was able to apply for the PPP at her local bank to help cover 2.5 months of payroll expenses. Austin worked closely with Christy on her application to ensure that everything was in order and correct so that when it went to the bank it would be an easy process. Austin was also able to help Christy with reconsideration for the Economic Injury Disaster Loan. That loan helped Christy receive working capital at an affordable rate that helped her cover the monthly expenses involved in running a monthly magazine. Austin also helped Christy apply for the Targeted EIDL advance for which Christy is hoping to get an answer on soon. These SBA programs and the thorough aid provided by the Small Business Development Center have put Latino Lubbock Magazine in position to succeed for years to come.
