It Works! announces that it won’t need $2.7 million federal loan to get through pandemic
Palmetto-based It Works! announced on Thursday it has decided not to close on an approved loan of $2.7 million from the Small Business Administration.
It Works! had been approved to receive money through the federal government’s SBA’s Paycheck Protection Program.
The company, with fewer than 500 employees, had applied for the loan as it transitioned its employees in the U.S. from working in the office to working from their homes.
Following that transition, the company announced in a press release that it continues to see stable and growing sales in April. To that end, the company opted not to close on the loan and hasn’t faced any furloughs or layoffs during the COVID-19 crisis.
“We decided to give the small businesses that are in greater need the opportunity to receive these funds,” said founder and CEO Mark B. Pentecost. “It Works! continues to grow during this time and we don’t want to take the money from those who need it to survive and thrive.”
The company’s U.S. staff has grown from 20 to a staff of more than 160 in the past seven years.
It Works Global moved its corporate headquarters into Palmetto in 2014, using economic incentives from the state of Florida and Manatee County.
It Works! acquired a four-story, 34,000-square-foot retail building fronting the Manatee River at 908 Riverside Drive, and added a fifth floor and 17,000 square feet of space when it made its move in 2014.
“Many companies are hurting or failing,” Pentecost said. “We were still a fledgling company when the Great Recession of 2007 through 2009 impacted so many businesses. We were able to push through it and we want to ensure that other companies have the same opportunity.”
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In 2020, the It Works! Gives Back Foundation donated $26,000 to Samaritan’s Purse, an organization providing spiritual and physical aid to people around the world. With the onset of COVID-19, Samaritan’s Purse’s focus is to set up field hospitals in Europe and the United States to assist with health care relief on the front lines.
Founded in 2001, It Works! is a consumer lifestyle brands and direct sales companies. Its products include Skinny Brew coffee and more than 30 beauty and nutrition products in 22 countries, with more than 100,000 independent distributors worldwide. Visit www.myitworks.com for more information.
