Fort Street Studio
In 2015, when Paul Melo first contemplated buying the high end, hand knotted carpet firm he managed, a friend (and previous Pace SBDC client) told him to seek professional assistance from our business advisor Greg Callender. Greg advised Paul with respect to conducting proper due diligence, structuring a deal, and potential options for financing the transaction.
No deal was consummated then, but when the same opportunity presented itself six years later Paul remembered Greg, and again sought his guidance. Greg worked with the client to facilitate Paul's successful acquisition of the business in 2022.
After the acquisition, when Paul expressed a desire to obtain growth capital, Greg worked to get Paul ready to be a Day 1 applicant to the NYC Small Business Opportunity Fund, which among other things offered loans at a below market interest rate of only 4%. Greg then worked with Paul and Paul's accountant to prepare NYC SBOF application materials that highlighted the company's true operating cash flow, and facilitated a loan reconsideration by NDC
Following the requested reconsideration meeting, the client was ultimately approved, providing Paul with funding for a new website, marketing efforts, and furnishing the company's recently renovated flagship NYC showroom.