(3/30/23) Read the full article at LISC Stories.
Marketing and brand strategist Kristen Harper speaks with LISC about her business, Driven to Succeed, which she started in the midst of the lockdown in 2020. Driven to Succeed is a marketing firm that helps Fortune 500 companies and leading brands with driving growth through market research and brand strategy. Harper's business has grown successfully but was limited due to its traditional contract structure, which receives payment for 50% of a contract up front with the remaining balance due paid 45-75 days after project completion.
A working capital loan through the Abbott-LISC Initiative to Support Diverse Businesses in Health allows Driven to Succeed in overcoming this obstacle so that it can continue receiving new contracts. The Abbott-LISC Initiative is a partnership with LISC's Capital Innovation Lab that provides a pool loan loss reserve and more affordable interest rates to eligible businesses.
Thanks to the $100,000 working capital loan from Abbott-LISC:
Driven to Succeed can cover expenses on the projects and meet contract completion dates without struggling because of its traditional contract structure
Harper hired a Director of Business Development, which is providing critical support in identifying prospects and increasing the quantity and speed of conversion rates, so Driven to Succeed can better compete for contracts.
Harper has the flexibility and control to drive growth and fuel business expansion plans.