BBIF Client Spotlight: Tekontrol, Inc
Navy Veteran Thomas Kornegay opened Tekontrol, Inc, in 1988, after working as a defense industry contractor for two years. For the past 34 years, Kornegay has diligently worked toward his business mission: to provide the best technical service that a company needs, whenever they need them, while also ensuring that he can support fellow veterans.
In 2020 the Coronavirus pandemic placed many businesses in very critical positions, Tekontrol being one. Mr. Kornegay began searching for funding to ensure that his employees were not without pay by applying for the COVID-19 Economic Injury Disaster Loans (EIDL) through the SBA, which provides funds for select organizations experiencing a temporary loss of revenue due to the health crisis.
After not hearing back from his traditional financial institution, Mr. Kornegay realized he would need to take action to save his business. He called Florida Senator Rubio’s office to get assistance with his application status. Seeing that Tekontrol is a Black-owned business, fulfilling an element of BBIF’s target market, Senator Rubio’s office connected Mr. Kornegay with BBIF. Once connected with Black Business Investment Fund, Mr. Kornegay received the EIDL and got approved for the Paycheck Protection Program (PPP).
In the early years of developing his businesses, Mr. Kornegay was referred to BBIF but did not develop a relationship with the community development financial institution (CDFI) at that time. He professes a missed opportunity on his behalf and states he should have gone with BBIF when he first started his business. He describes BBIF’s loan process as simple, easy to understand, and processed by staff that held his hand every step of the way.