The Experience of Best Furniture & Appliances, in St. Croix, USVI
Like many businesses around the world, Best Furniture & Appliances, based in St. Croix, USVI, is trying to get ready for a new world that is still in the making.
“The business is going to change. Needs, attitudes, and cultures will change. Our society and the economy will be different. And we have to adapt accordingly,” says Ahmed Hussein, Best Furniture & Appliances‘ Vice President.
Best Furniture & Appliances has been a family business since 1984, with a strong relationship with the local community. In 2014 it became an Ashley Store licensee, which expanded its range of service.
During the lockdown declared because of the coronavirus pandemic, access to home appliances is considered an essential service in the USVI, so the store has been able to stay open during the lockdown. But visits and sales have been reduced, understandably.
“Unfortunately, after the first weeks, we had to let go of five of our eight employees. We covered salaries for some period, but eventually, we advised them to take advantage of their unemployment benefits,” recalls Hussein. The store was able to recruit the employees back, thanks to the Payment Protection Program (PPP).
Applying to Payment Protection Program
Fortunately, Best Furniture & Appliances had access to the Small Business Administration’s PPP. “The branch manager at Oriental Bank provided us the information we needed. They sent me a link, and I filled the application with all the documentation needed. It was very simple. Once you have your documents, it is easy. And I got a response in two or three days,” explains Hussein. “We will be OK. We should be able to manage,” he says, to describe the impact of the PPP.
A client of the former Scotiabank, who stayed with Oriental during the transition, Hussein says he is “impressed with Oriental Bank. Oriental is new in the territory, and we are waiting to see how it develops. But the way they managed the PPP, it was the easiest I have ever done in terms of loans,” he acknowledges.
