Luis Coronel, co-owner of Gus New Quality Shoe Repair, learned everything about the craft of cobbling and cordwaining from his father, Homero Coronel, who emigrated from Ecuador to New York in search of a better life. There, Homero spent 15 years mastering the art of shoe repair. In 1999, the family moved to Chicago and purchased a local shoe repair shop, inspiring Luis and his brother, Marcelo, to follow in their father’s footsteps and eventually take over the family business. Over the years, the Coronel family has built a strong reputation for high-quality craftsmanship and customer service. Today, Luis and Marcelo proudly own and operate Gus New Quality Shoe Repair, dedicating their work to their parents, who truly embodied the American Dream.
Despite their strong reputation and skilled craftsmanship, the business took a significant hit during the COVID-19 pandemic, much like many others. Their revenue dropped sharply, and Luis and Marcelo worried about keeping the doors open and paying their employees. However, the Coronel brothers were determined to persevere. They knew they needed financial support, but were cautious about taking on the rigid repayment terms of traditional loans. What they needed was a flexible solution that would allow them to continue operating without the pressure of fixed monthly payments.
The Coronel brothers found a financial solution with Forward’s revenue-based financing model. After speaking with a knowledgeable member of our team, they received a personalized financing solution tailored to their needs, and felt confident in their decision, especially since Forward could support them in their native language, Spanish. They were also impressed by the quick and convenient funding process, which provided the capital they needed to stabilize their business and begin recovery. With Forward’s flexible repayment terms, they were able to manage payments without the burden of fixed monthly costs, making it a perfect choice for their business.
Thanks to revenue-based financing from Forward, Gus New Quality Shoe Repair is thriving. The Coronel brothers continue to build on their family’s legacy, delivering high-quality shoe repairs and custom designs to the Chicago community. Their ability to adapt and grow in a competitive market is a testament to their resilience, skill, and passion for their craft.
Interested in learning more about how Forward can help your business? Check out our product or submit your application today. Still have questions? Give us a call at 888-244-9099 or email us at info@capitalfunds.com, our team is available Monday through Friday from 9 AM to 6 PM EST.