Universal Processing - Six Po Hot Pot Success Story
When Lily Zhao came to the U.S to pursue her Master degree, she never thought that one day, she would become a millennial minority women business owner. Especially one of the small business owners that had to fight to survive the Covid-19 pandemic. In 2019, Lily opened a very authentic hot pot restaurant in Boston called Six Po Hot Pot, and soon it became the most popular one with a two hour average waiting time for a table. But everything suddenly changed when Covid hit town. She was faced with zero walk-in customers while her business relied on 95% revenue from dine-in. This meant that they could not even afford rent and payroll anymore. When the government announced the grants and loans, Lily saw a light of hope. But she never applied for anything from the government before, and she had no confidence at all that she could receive financial support from the government. She also doubted her ability to identify the real grant opportunities that were open to her. As Lily’s account manager, Leila Li traveled three times during the pandemic from NYC to Boston to help Six Po Hot Pot set up the POS system and new payment gateway. By that time she learned of Lily’s situation and started to work with Lily to support her in the grant process. Leila told her, “Let’s apply for all no matter what, anything could be a help.” So they prepared all the required documents together, researched all available programs and assisted Lily to apply for three qualified programs: PPP, RRF, and Doordash grant. After a few months waiting, Lily finally received her first PPP fund in January 2021, the Doordash grant in April 2021, and the RRF in May 2021. Lily’s business survived and thrived with the financial support from government and technical support from Universal Processing. In fact, the current business monthly volume has increased over 400% compared to March 2020.