Who has the dough? Key Benefits of Pandemic Business Loans in Haywood | New

Haywood’s economy, along with that of the rest of the state and nation, has been in turmoil for much of 2020 in the wake of COVID-19.

Aspects of the economy malfunctioned after the ban on mass gatherings, taverns were closed, and indoor dining was severely restricted.

Many retail stores and small overnight rental businesses, however, have done well, as visitors have flocked outside to find a relatively safe haven.

Real estate sales have hit all-time highs, and the construction industry has seen a big surge, perhaps after many visitors saw the appeal of working remotely while enjoying the amenities of Haywood.

The federal government’s relief program has been a lifeline for many Haywood businesses – and their employees – as the forgivable loan program offered a way to stay open during the worst of the pandemic. Here’s a recap of how the program has helped Haywood’s economy do well, all things considered, along with several stories from various business sectors that have faced.

Coffee Cup Cafe: one day at a time

Haywood County has received a big boost from federal COVID loans – 671 Haywood businesses employing 6,500 people collectively grossing $ 44.7 million.

Nationally, pandemic repayable loans have been criticized as a pig giveaway for big business. But that was far from the case in Haywood County.

The vast majority that received federal dollars received less than $ 100,000 and were intended for small businesses with less than 10 employees.

The tire trade flourished when many did not fly

Some of the main industries that got loans in Haywood County were the medical fields – from dental offices to nursing homes – construction, catering, tourism, and professional services. Although retail was one of the county’s main economic sectors, retail establishments were relatively few in number.

Businesses did not have to repay loans if they met job retention goals, so the loans were basically free money.

Below is an overview of the key takeaways from the Haywood County Paycheck Protection Program.

• Only six companies obtained more than $ 1 million and five between $ 500,000 and $ 1 million.

• The largest loan received in Haywood County was $ 2.2 million to Haywood Vocational Opportunities with 438 employees. The smallest loan was $ 600 to The Cuban Guy sandwich shop in Waynesville.

• The companies receiving the loans had 6,500 employees collectively. Only 3% had more than 50 employees, 8% had between 20 and 49 employees, 13% had between 10 and 19 employees, 36% had between 3 and 9 employees and 40% had two or fewer employees. Many companies have declared zero employees.

• The average loan amount was $ 66,700. 76% of loan recipients obtained less than average. The top 5% represented 40% of the total loan amount, while the bottom 50% represented 8% of the total loan amount.

• 24% of those who obtained loans obtained less than $ 10,000, 46% between $ 10,000 and $ 50,000, 13% between $ 50,000 and $ 100,000 and 14% between $ 100,000 and $ 500,000.

TourismSeveral companies in the hospitality industry were in the top 100, including Lake Junaluska Assembly ($ 1.175 million), Waynesville Golf Resort ($ 308,000), Maggie Valley Club ($ 250,000), Laurel Ridge Country Club ($ 240,000), Cataloochee Ski Area ($ 239,000), The Swag ($ 238,000), Springdale Country Club ($ 132,000) and the Wheels Through Time Motorcycle Museum ($ 104,000).

Non-profit

There were 24 nonprofits among those receiving loans, including Mountain Projects ($ 374,000), Long’s Chapel ($ 305,000), First United Methodist of Waynesville ($ 202,000), First Baptist of Waynesville ($ 135,000), Haywood Christian Academy ($ 110,000), Haywood Pathways Center ($ 97,000), Sarge’s Animal Rescue ($ 56,000), Haywood Christian Ministries ($ 43,000), KARE ($ 43,000), Folkmoot ($ 30,000), Haywood County Arts Council (10,000 USD) and Canton Community Kitchen (USD 10,000). $ 10,000 to $ 50,000.

To eat

The top 200 restaurants were Bogarts ($ 214,000), Sweet Onion ($ 191,000), Frankie’s Italian ($ 185,000), Fat Buddies ($ 156,000), Joey’s Pancake ($ 150,000), Blue Rooster ($ 146,000), Bocelli’s ( $ 144,000), Clyde’s ($ 142,000), Angelo’s ($ 92,000), 209 Cafe ($ 90,000), Southern Porch ($ 82,000), Papa’s and Beer ($ 80,000), Maggie’s Galley ($ 75,000), Waynesville Pizza ($ 69,000 ), Legend’s Bar and Grill ($ 67,000), Frog’s Leap Public House ($ 63,000), Bourbon Barrel ($ 59,000), and Bearwaters ($ 58,000). A local McDonalds LLC franchise holder, 7InHarmony, got $ 355,000.

Industry

Top companies in the manufacturing sector included Boojum Brewing ($ 353,000), Oaks Unlimited ($ 312,000), Alltec ($ 238,000), Appalachian Antique Hardwoods ($ 132,000), Abundant Labs ($ 123,000), Sunburst Trout ($ 116,000) and Lamp Factory ($ 112,000).

To eatThe top 200 restaurants were Bogarts ($ 214,000), Sweet Onion ($ 191,000), Frankie’s Italian ($ 185,000), Fat Buddies ($ 156,000), Joey’s Pancake ($ 150,000), Blue Rooster ($ 146,000), Bocelli’s ( $ 144,000), Clyde’s ($ 142,000), Angelo’s ($ 92,000), 209 Cafe ($ 90,000), Southern Porch ($ 82,000), Papa’s and Beer ($ 80,000), Maggie’s Galley ($ 75,000), Waynesville Pizza ($ 69,000 ), Legend’s Bar and Grill ($ 67,000), Frog’s Leap Public House ($ 63,000), Bourbon Barrel ($ 59,000), and Bearwaters ($ 58,000). A local McDonalds LLC franchise holder, 7InHarmony, got $ 355,000.

Long term care

Four assisted living facilities and nursing homes were among the top 60 loan recipients: Silver Bluff ($ 1 million), Maggie Valley Nursing and Rehab ($ 815,000), Haywood Lodge and Retirement Centers (422 000 dollars) and Haywood House (175,000 dollars)

Health care

Medical fields were one of the largest sectors in the top 100, including Haywood Pediatric ($ 417,000), Midway Medical ($ 348,000), Mountain Eye ($ 288,000), Smoky Mountain Foot and Ankle Clinic ($ 239,000), Haywood Imaging ($ 212,000), Mountain Laurel Dermatology ($ 172,000), Hazelwood Family Medicine ($ 135,000), Envision Pain Management ($ 130,000), as well as Kim’s Pharmacy, Waynesville Pharmacy, Haywood Pharmacy, Mark’s Pharmacy and Carolina Mountain Pharmacy.

Dental

With lots of postponement of regular dental check-ups and dental work, several dental offices were in the top 100 including Cataloochee Dental Group ($ 367,000), Carolina West Dental ($ 281,000), Smoky Mountain Dentistry ($ 245,000) and over 10 other.

Building

The construction industry was one of the largest sectors, with many general contractors, plumbers, electricians, graders, HVAC installers, landscapers, masons and other building trades. Among the top 60 were Buckeye ($ 627,000), WNC Paving ($ 450,000), Haywood Builders ($ 383,000), Ashe Construction ($ 290,000), Clark and Leatherwood ($ 237,000), engineers Reece, Noland and McElrath ($ 267,000 ), Southern Appalachian Grading ($ 208,000), Industrial Contractors ($ 204,000) and JM Teague Engineering ($ 172,000).

Top 50

Other notable top 50 companies receiving over $ 200,000 include Waynesville Auto ($ 1.1 million), Neo Corp ($ 611,000), Taylor Motor ($ 582,000), Junaluska Animal Hospital ($ 405,000), Haywood Appliance ( $ 356,000), Manpower ($ 327,000), High Country Furniture ($ 300,000), Blue Ridge Glass ($ 200,000).

• Several chains of gas stations and local convenience stores have obtained loans of more than $ 100,000.

• A large number of professional firms and sole proprietorships have received loans, including lawyers, insurance agents, accountants, real estate agents, consultants, etc.

• The Mountaineer received $ 116,000.

Check out the full list of Haywood County businesses on the website.

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