Paycheck Protection Program (PPP)
For over a century, Kitsap Bank has stood by our small business community, partnering with our neighbors to grow their businesses and weather economic storms. At Kitsap Bank, our desire to help is personal. We are a family-owned business, and we truly believe that small businesses are the heart of our community. That’s why we are particularly proud to have served nearly 900 small businesses through the Paycheck Protection Program (PPP) in 2020 when businesses faced one of their greatest challenges yet.
PPP Client Story
Purpose Boutique
Purpose Boutique is a women’s clothing and accessories boutique with brick and mortar locations in Silverdale, Kirkland and Tacoma, as well as an online store and warehouse. When customers shop at Purpose Boutique, a percentage of every sale is donated to Rescue:Freedom International to fight human trafficking, and they offer over 20 brands created by survivors of trafficking and social injustice around the world.
During the peak of COVID restrictions, Purpose Boutique’s stores were completely closed to in-person shopping, a complete disruption to their unique “girlfriend style” personal shopping experience. During this time, Purpose experienced a revenue decline of 80% year over year. With their brick and mortar stores shut down, their immediate concern was doing whatever it took to keep their full time staff employed. According to Flip Johnson, Purpose Boutique CFO, “When the stores were shut down and news about economic relief was changing daily, it was crucial to have a trusted point of contact who understood our business and was fighting for us to get access to the [Paycheck Protection] program. Early on in the program it looked like the funding would run out, and I remember working with Erin to get all our paperwork submitted in time. The Kitsap Bank team worked late into the night processing our application, and it made it through hours before the initial funding ran out.”
Like so many small businesses affected by the health crisis, Purpose Boutique demonstrated perseverance and resilience. When faced with the challenge of not being able to serve customers in store, Purpose pivoted their business model. They offered multiple Facebook and Instagram Live sales each week that allowed customers to interact directly with models about fit and quality. Purpose also created an online personal shopping experience whereby stylists would create a personalized digital dressing room complete with a screen shared video walk-through of each item.
According to Johnson, “Securing the PPP loan was huge for our company and allowed us to keep our full time team onboard without cutting hours or lowering pay. We were able to double down on digital initiatives and prepare for reopening in the summer with full implementation of the COVID protocols.”
Today they continue to live out their mission, empowering customers to shop with a Purpose.
PPP Client Story
Holly Ridge Center
Holly Ridge Center is a nonprofit organization offering highly specialized programs and services for children and adults with differing abilities in Kitsap and North Mason counties. Pandemic restrictions presented unique challenges to the organization, including figuring out how to effectively connect with the families they serve to deliver early intervention services remotely and supporting adult clients facing job loss and the need to quarantine. Holly Ridge also worked to address how to reach individuals more adversely affected by the pandemic through lack of access to technology and other services.
Additionally, Holly Ridge was focused on retaining their highly specialized staff and ensuring that they did not lose access to benefits like healthcare during a crucial time. Committed to keeping staff and clients safe, the organization provided staff with hardware and new technology tools to deliver remote therapies and services.
The pandemic impacted the financial reality of many of Holly Ridge’s families and clients, exacerbating the financial gap in the cost-of-service delivery and the ability to receive payment on services. “We were absolutely blown away by Kitsap Bank's initiative and care that ensured Holly Ridge Center was able to stay solid, sustainable, and responsive to the needs of our children, families, and clients,” noted Dedra Miller, Holly Ridge Center CEO, “Kitsap Bank made Holly Ridge Center and the support that we provide the community a top priority when the SBA was releasing information about the PPP loans. We felt Kitsap Bank's sense of urgency in making sure our community was cared for.”
Being included in the first round of funding had made it possible for Holly Ridge Center to continue to serve families and clients in this new reality.