HHispanic Heritage Month is celebrated from September 15 to October 15. It is a time to focus on sharing stories and providing opportunities to increase understanding and acceptance of the Hispanic community as TD Bank honors their important contribution.
Paola Martinez started Olamar Interiors, LLC, an interior design company in Warrenton, Virginia, 18 years ago. In the years that followed, the journey was not always easy, but the rewards were very rewarding.
It all started in 2006, when she moved from a completely different industry because she had two young babies and wanted to be home while building a business at the same time.
“It quickly became my third baby,” she said. Paola started in the field when she was “obsessed” with renovating her own home, and with the possibility of having a part-time, family-friendly, work-from-home career.
From the beginning, Paola knew she wanted her business to reflect the many different influences she had in her own life. Born in the Dominican Republic, his family moved to Connecticut when he was 7. After graduating college, he moved to northern Virginia because he felt it was more culturally diverse than his small town.
The name Olamar is an amalgam of the Spanish for “wave” (ola) and “sea” (mar) and her own name, Paola Martinez. Olamar has always had a diverse clientele from many backgrounds.
“I get the opportunity to learn about different cultures from my clients,” says Paola. “I work with them to incorporate artwork and artifacts that they want in their home as part of who they are. It’s really about showing who they are as a family — surrounded by the things they want to be.” is related to culture or family.”
As a business, Olamar celebrates Hispanic Heritage Month from September 15 – October by focusing its social media on promoting the Hispanic figures who influenced design and inspired Paola. Last year, Olamar’s social media campaign featured Dominican artist Clara Ledesma Terrazas. This year’s campaign will focus on Oscar de la Renta, Jenny Polanco, Patricia Reid Baquero, Patricio Correa, Yoel Bordas and Fernando Pena Defillo.
At home, Paola always honors her Hispanic heritage with her two children.
“We’re Hispanic all the time, and that’s something we always celebrate,” he said.
Overcome challenges with support from TD
The journey to climb the ladder of success was not always easy for Paola.
When she contacted TD Bank, Paola said she was in a “sad phase,” going through a difficult time personally and professionally. He is divorced, finds himself at a “crossroads,” and is trying to decide if his business should continue, or if he should get another job. He decided to go all in and do what he could to save his company based on his passion and skills he developed in interior design.
Ray Naisan, Store Manager at TD Bank in Fairfax City, Virginia was referred to Paola through a program meant to help her navigate debt, and “they hit it off right away.” Ray, who has worked at TD for nearly 11 years, has extensive experience working with many small businesses throughout his career.
He said the rest of the process was “magic,” and he felt he was on track to deal with credit card debt and subsequent interest, to wipe the slate clean and start over. “I couldn’t get out from under it, so he recommended that we put it into a loan with a low interest rate and a fixed monthly payment,” he said. “I can start over and set the foundation for success after this.” He remembers hitting the ground running, again, once he had this plan in place.
Ray said the TD process did a full client assessment, and together with Paola, he decided to start addressing the debt. “The main thing is the flow of money – we sit down and ask a lot of questions, like how do payments come in, how do they pay fines, what challenges do they face, and what will the business look like a years from now,” Ray said. “I hope we get more opportunities to talk, to educate these business owners like a lawyer and an accountant, you need a financial advisor, a banker who can help you with your finances.”
The emotional impact was palpable, almost immediately for Paola. “It’s a new beginning, and exactly what I need to dive in and focus and grow,” Paola said. “Everything fell into place after that.” From there, he can focus on marketing, his ideal target client, branding his business and public perception, and more. “There was a lot of negative energy off my back so I could focus on the future growth of the business.”
Investing in the future
Two years after working with Ray, the pandemic hits, but Paola is ready. “Even through COVID we’ve had some very, very successful years. The type of client we’ve attracted has completely changed, and we’re working on some exciting, unique projects. I’ve been able to organize my team , and bring two extra people to support everything, because there’s no way I could do it alone.” In addition, he says he was able to invest in a social media specialist to help with branding, and credits part of his success to Ray’s solutions for getting him back on track.
Now that Paola’s business is booming again, she and Ray decide to open a line of credit to avoid having options in case cash flow gets tight again.
“Our line of credit is designed to help with cash flow gaps,” says Ray. “Back then, if he needed cash, he used a credit card. This is no longer the case. It’s better, and our product is cheaper. If he needs funds to pay payroll, taxes, or fund a project, he can tap that line to cover whatever is needed.”
But more than a line of credit or debt consolidation loan, with Ray on his team Paola is moving forward with a “partner” in her business. “It’s not like he’s selling me something or he’s deceiving me. He’s very much a partner in my business — he knows if I’m successful, he’s successful.” She now recommends him to her small business friends. “Every small business should work with him.”
Four debt management tips for small businesses
Here are four tips from Ray for small business and debt management.
- Consider using a line of credit instead of a credit card, which can help eliminate unnecessary fees and high interest rates.
- Talk to your banker about the types of expenses that can be paid with funds from your line of credit, rather than using credit cards.
- Consider consolidating credit with a predictable loan payment, to avoid default and pay off your debt at a manageable rate.
- Don’t wait until the debt feels insurmountable to contact a banker. Establishing a line of credit is not instant, and it is important if cash flow becomes tight.
For more on the topic of personal finance
If you have more questions about personal finance topics that are important to you, visit the Learning Center on the TD Bank website. You can find out more information about TD Bank services at td.com.
We hope this helped you. This article is for informational purposes only and is based on information available as of September 2024 and subject to change. This content is not intended to be used or acted upon with respect to any particular client situation. For specific advice about your unique circumstances, consider speaking with your qualified professional.
#Designing #Destiny #Entrepreneur #Creates #Small #Business