The Artsmith | Application Preview
The Artsmith is seeking government grants to alleviate financial burdens and enhance its services. The funding will be used to pay off loans, upgrade equipment, restock inventory, and settle credit card debts. The business aims to improve its offerings and potentially relocate to a larger space to grow its operations.
Despite being a valued community asset, The Artsmith has faced significant challenges, including outdated equipment and setbacks from the pandemic and wildfires. The owners have invested substantial personal funds to maintain operations and have made sacrifices, such as removing themselves from payroll to manage costs. As rising taxes and vendor prices continue to strain their finances, they urgently need assistance to sustain their business.
In terms of competition, The Artsmith faces challenges from major retailers like Amazon and larger craft stores like Hobby Lobby and Michaels, which have more competitive pricing. However, their unique selling proposition lies in being a locally owned establishment run by a dedicated husband and wife team. They prioritize customer experience, quality service, and keeping prices reasonable, despite the pressures of larger chains.
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General Information
Business Registration Number: 1752341-3
Location: ESTACADA, OR, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: $100k to $250k
Annual Gross Expense: $100k to $250k
Open to Loans: NO
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Funding Usage
We plan on using this funding to pay off loans, upgrade equipment, re-supply inventory, pay off credit cards .
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Business Plan
We would like to upgrade our equipment in order to better serve the community in new ways. If possible, we would also like to move to a bigger location to enlarge our business. We are a valued business in our community, however, due to aging equipment and pandemic and wildfire issues, we have struggled. We have had to take out business loans, and we have used tens of thousands of our personal dollars in order to keep our shelves full, the bills paid and the doors open. We have taken ourselves off of payroll to reduce payroll taxes and are now on social security. We are doing the best we can, but the taxes, monthly bills, and vendor price increases are knocking us down. We desperately need this help to keep our doors open.
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Self Identified Competition
1.Amazon for sure. People, especially the younger generation, have no hesitation to buy from Amazon if they feel our prices are too high, or if we don't or can't carry what they want. 2. Hobby Lobby. We do custom framing, but because we are a small town store, we cannot compete with Hobby Lobby's frame and art supply prices. 3. Michaels. Same reason as Hobby Lobby. What makes us different? We are locally owned. Husband and wife team with one employee. We love our town. We love our customers. We try to make their experience in our store a pleasant and fun time. We do quality work for a fair price, and even though we could charge more in a bigger town, we try to keep our prices down.
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Contact Applicant
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