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.