Downtown Yarns

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Downtown Yarns is a woman-owned yarn store dedicated to keeping the craft of knitting alive and well among the members of the their local community. Located in the East Village, Downtown Yarns  offers a wide range of high quality yarns in array of colors, and hosts classes from beginner to intermediate level in knitting, crochet, sock-making, spinning and felting.

As a valued member of the East Village small business community, Downtown Yarns’ owner was seeking to sell the business to a long-standing employee to ensure the business’ continuity. To help the prospective new business owner with this proposed transition, New York State Assembly Member Harvey Epstein(Assembly District 74) referred her to the Pace University Small Business Development Center (SBDC).

The client met with Pace SBDC Business Advisor Sandra Cely, who helped her to get a better understanding of business accounting concepts, and to review the business’ cash flow to develop financial projections required for business loan repayment calculations. Pace SBDC Business Advisor Anish Thakkar also provided the client with recommendations to help the business’ online presence.

With this guidance and immense community support, our client raised over $30,000 through a GofundMecampaign, as well as additional private loans, enabling her to buy the business and save five existing jobs. Further, the purchase of Downtown Yarns ensures that this vital community hub will continue for years to come.

IN PARTNERSHIP WITH:
VISIT US

Pace University SBDC

163 William Street, Room 328

New York, NY, 10038   

CONTACT

Office:  (212) 618-6655

Email:  sbdc@pace.edu

SUBWAY

A, C, J, Z, 2, 3, 45 to Fulton St

E to World Trade Center
6 to Brooklyn Bridge

CAREERS

Partnership Program with the SBA, administered by the State University of New York. Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.  All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. All SBA funded programs are extended to the public on a nondiscriminatory basis.

© 2019 Pace Small Business Development Center. All rights reserved.