Picture-perfect relationship helps broadcast services company through difficult times
Early 2020 – the beginning of the pandemic – was a scary time for everyone, including David Goldsmith, CFO of Red House Holdings in St. Petersburg Florida. After more than 35 years providing live event production to premium sports, entertainment and news markets, their subsidiary CP Communications was facing a daunting challenge. “All the events we were scheduled to support were cancelled. We thought things would turn around by June of that year, but they didn’t,” he says.
Fortunately, Goldsmith had already contacted Synovus banker Paul Jessen with his concerns. The two enjoy a close relationship with regular communication. “Paul immediately understood the ramifications, was clear that we hadn’t done anything wrong, and let me know that the bank would be standing by and doing what they could to help us. We would figure this out together,” says Goldsmith.
In fact, business didn’t return to normal until July 2021. During those 15 months, Jessen and Synovus helped the company secure its first and second Paycheck Protection Program loans, as well as Main Street Lending Program financing. This proactive approach enabled the company to keep their 55 employees working and paid throughout the pandemic.
“We are thankful Synovus was willing to do the hard work. ”
“I know many banks steered clear of the Main Street Lending program, but it deprived their customers of a great benefit when they perhaps needed it most. While the program was difficult and cumbersome, it has been enormously helpful in enabling us to continue providing the high level of service our customers expect. We are thankful Synovus was willing to do the hard work [required of the program],” says Goldsmith.
Goldsmith was approached by other bankers over the last 15 months, but he wasn’t interested in switching banks. “Before they made their pitches, I shared with them how Synovus has taken care of us throughout the pandemic – all with competitive rates,” he said.
After hearing the Red House Holdings-Synovus story, even competitors understand it’s the perfect relationship.
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