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SBA Resources Help Company Survive and Grow
Yolanda Bradford started her first business in 1995, YLB Accounting Services, in Shelbyville, KY. The company quickly evolved, and Ms. Bradford changed the name to YLB Accounting and Consulting Services, Inc. a few years later to more adequately reflect the firm’s focus.
Ms. Bradford met with Robert Coffey at the SBA Kentucky District Office in 2009 to discuss the 8(a) Business Development Program and was quickly accepted into the program. The 8(a) certification enabled YLB to obtain several profitable contracts, and the company quickly added 10 employees.
That same year, YLB applied for an ARC loan for $35,000. The loan was approved and used to help improve the company’s cash flow, as YLB had just lost a major contract due to the downturn in the economy. As cash balances improved, Ms. Bradford also purchased equipment for the company’s expansion.
In 2011, YLB applied for a 504 loan to purchase the building that the company had been leasing for almost three years. The tax advantages and rental savings dramatically improved the bottom line for the still-young company.
Never one to sit idle, Yolanda Bradford saw several opportunities in the catering industry and recently started YLB Catering Services. Says Ms. Bradford, “We recently won three federal contacts to provide catering services to the military in three different base locations in Kentucky and Indiana. Normally, we provide over 1,500 meals per contract.”
Yolanda Bradford believes in giving back to the community, too. She stated that one of the most rewarding aspects in starting YLB has been to help small business owners achieve their goals and build a solid foundation. “In essence, we help people with financial education and literacy, enabling our clients to manage their budget and achieve their goals. Helping others is extremely rewarding.”
Through the SBA, YLB Accounting and Consulting Services, Inc. has received advice that has proven invaluable to the business, which is now stronger fiscally and becoming a leader in its industry. Learn more information on the loan programs, counseling services and other small business services offered by SBA from your lender, www.SBA.gov and your local Small Business Development Center (SBDC), SCORE Chapter or Women’s Business Center.