PPP Loan and Emerging Leaders Helps Retool a Business

Situation

• Bailey Safety, Inc. offers a full complement of training and education services for companies requiring compliance and facility specific needs.
• Bailey Safety is focused on OSHA training requirements and performs Safety Program Evaluations and Compliance Analysis.
• Services include consultations, 36 on demand “Tool Box Talk” topics and on-site or remote safety training.
• They also offer company-specific safety management and training plans.   
• Launched in June 2012 by Nancy Bailey, the company has focused on providing businesses with the benefits of a company safety director without the overhead.
• Bailey Safety revenue grew steadily until February 2020, when COVID-19 hit.

Solution: How the SBA Helped

• After COVID-19 forced Nancy to suspend her business model, she applied for an SBA Paycheck Protection Program (PPP) loan with Stock Yards Bank & Trust Co.
• Nancy Bailey is a recent graduate of the SBA Emerging Leaders Initiative, offered by the SBA Kentucky District Office.
• Emerging Leaders provides free entrepreneurship education and training for executives of small businesses that are potential job creators.  
• This intensive executive entrepreneurship series includes nearly 100 hours of classroom time. 
• Participants work with a network of experienced coaches and mentors, attend specialized workshops.
• Participants work with peers, area leaders, and financial mentors to build sustainable businesses and promote economic development in the community. 
• A member of NAWBO, Women in Construction, ABC and certified by Kentucky as a Women Business Enterprise, Nancy is talking with the SBA and Kentucky PTAC about the Woman Owned Small Business Federal Contracting changes.

Successful Impact/ Outcome

• Nancy stated that the PPP loan was a lifeline for her company, and the experience with her Commercial Loan Officer, Phil Ryan, was exceptional.
• She said, “I contacted Phil at Stock Yards Bank in Louisville. We stayed in contact daily until the last of the paperwork, which wasn't much, was done.”  
• Nancy continued “Stock Yards filed my PPP. I was approved and the funds were in my account quickly. They worked around the clock to get this completed.” 
• Phil stated, “We work hard to help customers impacted by COVID-19, like Nancy at Bailey Safety. The PPP loan will get her team back on the payroll.”
• The knowledge and skills Nancy acquired in the Emerging Leaders program have allowed her to retool her business during the COVID pandemic.
• Nancy is moving the company headquarters to ensure steady growth and be closer to business clients.
• She has initiated a plan to better manage that growth and keep a life balance.