The COVID-19 pandemic had detrimental effects on many companies. Ira Lapides of Replacement Parts Industries, Inc. (RPI) said their business was no exception.
Almost the entire dental industry shut down for the first few months of the pandemic. As a large supplier of healthcare equipment replacement parts, RPI’s business took a serious hit.
So, when the Paycheck Protection Program (PPP) launched, Ira called his Comerica banking officer to see if RPI was eligible. Not only were they eligible, but they were put in a special beta group to test Comerica’s portal.
With Comerica’s help, RPI was able to receive PPP funding quickly and consistently over several months of thin revenue. This financing provided enough for the business to keep all its employees employed throughout the pandemic.
Thanks to Comerica’s expertise, technology, and urgency, no one at RPI was laid off during the pandemic. That’s called raising expectations. And raising the bar.
Interested in hearing the whole story? Watch the video here.
