With years of industry experience, Rodney Nedd knew what it takes to run a successful telecommunications business but when he was looking to grow his business he reached out to Connecticut Small Business Development Center to help raise capital.
$100K Line of Credit and $190K Term Loan
Owner: Rodney A. Nedd
Business Start Date: November 5, 2018
What Does Your Business Do?
QualVoice is the go-to outsourcing service provider for cable, internet, phone, VOIP, upgrades, digital conversations, and MDU re-wires in residential homes and commercial buildings.
What Inspired You to Start Your Business?
With over 15 years of experience in the Cable Telecom industry, I’ve always taken pride in knowing that I’m the best in the industry at developing my team and providing quality. I also believe that building strong client relationships is incredibly important and I continuously work closely with our clients to secure complete trust. As a minority, I was inspired to start a company with diversity as our strength, while still providing top quality.
Before Coming to the CTSBDC, What Were Your Primary Challenges and/or Needs?
Before coming to the CTSBDC, financing was the biggest challenge I faced.
How Has the CTSBDC Helped You Overcome Your Challenges?
The CTSBDC has been momentous in the growth of my business and allowed me to overcome my financial challenges. Through working with Joe Williams, I was introduced to Berkshire Bank and received a $100K line of credit to assist with day to day operations. I also received a $190K term loan to assist with our vehicle purchases.
What Have You Learned/Changed Since Working with the CTSBDC?
The most important thing while working with CTSBDC is to have all necessary documents ready in advance. Being organized and having all of your documentation ready should ensure success.
How is Your Business Doing Now? What Does Your Future Look Like?
QualVoice is having an amazing first year and is currently performing better than we projected. We projected to earn $1.5million in revenue in 2019 and we are currently on track, and budget, to achieve this. However, with hard work and outperforming our direct competitor, we were just awarded the entire NYC contract which currently sits at $3M in revenue per year.
What Was It Like Working With Your Advisor?
Joe Williams is very knowledgeable in business as well as very personable to talk to and work with. He is an asset to the CTSBDC not only because of his tenure, and knowledge of business, but his delivery of information. He makes it seem so easy and explains everything in a way that makes it feel second nature. He’s motivational at times when I was frustrated or doubtful, he always seems to have the right thing to say to keep you moving forward. In the famous words of Joe, “Let’s get it done”.
What Words of Advice Would You Give to Small Businesses Looking to Work with CTSBDC?
Being organized and ready to present all requested documentation is the best approach when working with the CTSBDC.