Shasta Cascade SBDCRedding California

"When I took over these businesses I felt very alone and not sure what to do. I knew that I was in trouble and I am forever grateful that when I reached out you were there for me."

Louise Rockwood-Bingham

BACKGROUND
Louise Rockwood-Bingham has owned and operated Pine Cove Marina/RV Park a National Recreation Area since 2002. It is the only marina on Lewiston Lake and rents boats, RV spaces and a cabin rentals at this prime fishing spot.

CHALLENGES
Client was having financial difficulties due to personal hardship which left her facing the possibility of losing the marina and RV park through foreclosure.

ACTIONS
Louise met with the Shasta Cascade SBDC in 2014 when she thought all hope was lost. Quickly, an SBDC advisor was able to assess her situation and create a plan of action to help her stabilize the park finances. She was able to secure a $550,000 emergency hard money loan that kept her out of foreclosure and allowed her to retain her two employees in September 2015, but this was not a long term solution. Another SBDC advisor was brought in to give her QuickBooks mentoring which allowed to her to understand her finances, projections and plot a path forward. In 2018, she again reached out to the Shasta Cascade SBDC and worked with an advisor to secure more loans which allowed her to pay off her IRS debt and stabilize the business long term.

RESULTS
The long term relationship Louise started with the Shasta Cascade SBDC in 2014 has helped her to keep the park running and increase sales, while avoiding foreclosure and allowing her to retain the jobs of three employees. The park is in good financial shape for the future and continues to be an important tourism spot in Trinity County.

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Funded in part through a cooperative agreement with the U.S. Small Business Administration. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA or HSU Sponsored Programs Foundation.