In Spring, 2020 as people left crowded cities during the pandemic, Treasure Valley Movers saw an increase in demand for its services. Owner Troy Richmond felt like he was missing the competitive edge he needed as a small moving company in a bustling market. His Boise, Idaho-based company had just received authority to operate across multiple states and Troy was ready to start booking new business. But one major barrier still lingered: Treasure Valley Movers was relying on rental vehicles because the business didn’t have the cash on hand to purchase its own truck.
Troy visited visited his local credit union to apply for a working capital loan, but learned his credit score was just below the institution’s threshold. In December 2020, MoFi provided him with a $25,890 SBA Microloan. This loan helped him purchase the truck he needed to take on new customers and meet the high demand for his services as families continue to move to Idaho amid the pandemic.
“When you’re a growing business, you have a need for capital,” Troy said. “I appreciate MoFi’s understanding of what it takes to run a small business and how difficult it is, especially now.”
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