ST. LOUIS — Chris Chupp, majority owner and CEO of Greater Goods, a kitchen, bath and health care retailer based in The Grove, hasn't had to lay off anyone. His business is down a bit, but not a lot, due to the coronavirus.
Yet he already has a federal loan in hand through the Small Business Administration's Paycheck Protection Program, which has $350 billion allotted for small business relief.
How did he do it?
"We put our application in with Enterprise Bank & Trust on a Friday and we got funding the following Thursday," Chupp said. "Enterprise knows our business well and, as a preferred SBA lender, they have horsepower."
For its part, Greater Goods devoted three people to the process to complete the application completely and accurately. Yes, there were hiccups in the process, but Chupp said, "It's the mobilization of a $350 billion project over a short time."
Greater Goods' products are designed and manufactured in China and sold through Amazon, Target and Bed Bath & Beyond. It has 29 employees in the U.S. and seven in China. It is rehabbing a new headquarters at 4427 Chouteau Ave. and has a warehouse in Hazelwood.
Although Greater Goods' sales are down — Bed Bath & Beyond stores are closed, for example — the hit hasn't been devastating. "Our sales are down 30% from our 2020 projections but down very little year over year," Chubb said.
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