Purchasing an existing business can be an exciting opportunity, but for many individuals, there may be questions and challenges that come up that are outside their area of expertise. As Kim Wills worked towards purchasing New England Bioassay (NEB), she reached out to Connecticut Small Business Development Center (CTSBDC) for help with various aspects of her business plan.
Capital Accessed
Line of Credit
Owner Investment
Certifications
Woman Owned Business
Small Business Enterprise
New England Bioassay and CTSBDC: A Success Story
NEB provides aquatic toxicological testing services to industrial, municipal, environmental engineering and risk assessment clients. Kim had been a manager at NEB for 10 years when she was presented with the opportunity to buy the business. After being referred to CTSBDC, Kim was connected with Denise Whitford who helped her develop her business plan and apply for and receive certifications such as Woman-Owned Business Entity and Small Business Entity. Working closely with Denise, Kim was able to receive the assistance she needed in a variety of areas to run her own business including human resources, account, payroll, and more.
“Denise was instrumental in helping me to build a detailed business plan that included all the essential components. Afterwards, I presented this plan to a contact of hers at Key Bank who helped me secure an SBA line of credit,” shared Kim. “Denise also connected me to a terrific HR consultant who assisted me with purchasing health, dental and vision insurance for my employees.”
CTSBDC was also able to help Kim with COVID-19 related advising. After attending one of CTSBDC’s PPP forgiveness webinars, Kim was able to apply for and receive full forgiveness for her PPP loan. Now, as she continues to grow her business, Kim is working with Denise to apply to the SAM.gov database in order to win more municipal contracts in both Connecticut and neighboring states.
As much as a business owner may learn from CTSBDC, advisors also learn from the owners. “Kim has found balance in her work life and professional life even through the midst of COVID,” explained Denise.
New England Bioassay has become one of the leading laboratories specializing in aquatic toxicity testing in the Northeast. Through her leadership, Kim’s staff is committed to providing our clients with reliable testing results, professional consulting and exceptional customer care.
Learn more about New England Bioassay