IHispanic Heritage Month is celebrated from September 15 to October 15. It is a time to focus on sharing stories and providing opportunities to increase understanding and acceptance of the Hispanic community as TD Bank honors their vital contributions.
Paola Martinez started Olamar Interiors, LLCan interior design firm in Warrenton, Virginia, 18 years ago. In the years since, the road has not always been easy, but the rewards have been well worth it.
It all started in 2006, when she changed industries because she had two small babies and wanted to be at home while developing a business at the same time.
“It quickly became my third baby,” she says. Paola got into the business when she became “obsessed” with renovating her own home and the possibility of having a part-time, family-friendly, home-based career.
From the beginning, Paola knew she wanted her business to reflect the rich diversity of influences she had in her own life. She was born in the Dominican Republic and her family moved to Connecticut when she was 7 years old. After graduating from college, she moved to Northern Virginia because she felt there was more cultural diversity than her small hometown.
The name Olamar is an amalgamation of the Spanish words “wave” and “sea” and her own name, Paola Martinez. Olamar has always had a diverse clientele from multiple backgrounds.
“I get to learn about different cultures from my clients,” Paola said. “I work with them to include artwork and artifacts that they want in their home as part of their identity. It’s about showing who they are as a family, surrounded by things they love, whether it’s cultural or familial.”
As a company, Olamar celebrates Hispanic Heritage Month from September 15th to October 15th by focusing its social media on promoting Hispanic figures who influenced design and inspired Paola. Last year, Olamar’s social media campaign featured Dominican artist Clara Ledesma Terrazas. This year’s campaign will focus on Oscar de la Renta, Jenny Polanco, Patricia Reid Baquero, Patricio Correa, Yoel Bordas, and Fernando Peña Defillo.
At home, Paola is always honoring her Hispanic heritage with her two children, now teenagers.
“We are Hispanic all the time and that is something we always celebrate,” he said.
Overcoming challenges with TD support
The journey up the ladder of success has not always been easy for Paola.
When she contacted TD Bank, Paola says she was in a “sad phase,” going through a difficult time personally and professionally. She was going through a divorce, was at a “crossroads,” and was trying to decide whether to continue her business or look for another job. She decided to go all in and do what she could to save her company based on her passion and the skill she had developed in interior design.
Ray Naisan, a store manager at TD Bank in Fairfax City, Virginia, met Paola through a program meant to help her deal with her debt and “they hit it off right away.” Ray, who has worked at TD for nearly 11 years, has extensive experience working with many small businesses throughout his career.
She says the rest of the process was “magical” and she felt like she was on her way to dealing with credit card debt and the ensuing interest, wiping the slate clean and starting over. “I couldn’t get out of that situation, so he recommended we put it into a loan with a low interest rate and a fixed monthly payment,” she says. “I could start over and lay the groundwork for success after that.” She remembers getting back on the right foot once she was given this plan.
Ray says TD’s process involves doing a full assessment with the client, and with Paola, he decided to start by addressing debt. “The main thing is cash flow — we sit down and ask a lot of questions, like how are payments coming in, how are they paying fines, what challenges are they facing, and what will the business look like a year from now,” Ray said. “I wish we had more opportunities to talk, to educate these business owners — like a lawyer and an accountant, you need a financial advisor, a banker who can help you with your finances.”
The emotional impact was tangible, almost immediately, for Paola. “It was a fresh start, and exactly what I needed to dive in, focus, and grow,” Paola said. “Everything fell into place after that.” From there, she was able to focus on marketing, her ideal target customer, branding and public perception of her business, and more. “I got a huge amount of negative energy off my chest so I could focus on the future growth of the business.”
Investing in the future
Two years into working with Ray, the pandemic hit, but Paola was prepared. “Even during the pandemic, we had some very, very successful years. The type of client base we’ve attracted has completely changed, and we’re working on some exciting and unique projects. I’ve been able to get my team in order and hire two more people to help me with everything, because there’s no way I could do this alone.” Additionally, she says she was able to invest in a social media specialist to help her with branding, and credits some of her success to Ray’s solutions that helped her get back on track.
Now that Paola’s business is thriving again, she and Ray decided to open a line of credit to have preventative options in case cash flow becomes scarce again.
“Our line of credit is designed to help with cash flow shortfalls,” Ray said. “In the past, if you needed cash, you would use a credit card. That’s not the case anymore. This is much better, and our product is more affordable. If you need funds to cover payroll, taxes or fund a project, you can draw on that line to cover whatever you need.”
But beyond the line of credit or debt consolidation loan, with Ray on her team, Paola is moving forward with a “partner” in her business. “I don’t feel like he’s selling me things or upselling me. He’s a true partner in my business – he knows that if I’m successful, he’ll be successful too.” She now recommends him to her friends who own small businesses. “Every small business should work with him.”
Four tips for managing small business debt
Here are four tips from Ray for small businesses and debt management.
- Consider using a line of credit instead of a credit card, which can help eliminate unnecessary fees and high interest rates.
- Talk to your banker about the types of expenses that can be paid with funds from your line of credit, rather than using credit cards.
- Consider consolidating credit into one predictable loan payment, to avoid feeling overwhelmed and pay off your debt at a manageable pace.
- Don’t wait until debt seems insurmountable to turn to a banker. Establishing a line of credit is not instantaneous and is essential if cash flow is limited.
For more information on the topic of personal finance
If you have more questions about personal finance topics that interest you, visit The Learning Center on the TD Bank WebsiteMore information about TD Bank services can be found at es.td.com.
We hope you found this helpful. This article is for informational purposes only and is based on information available as of September 2024 and is subject to change. This content is not intended to be used or applied in relation to any client’s specific circumstances. For specific advice regarding your particular circumstances, please consider speaking to your qualified professionals.