Hispanic 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, LLC, an interior design company in Warrenton, Virginia, 18 years ago. In those ensuing years, the journey hasn't always been easy, but the rewards have been incredibly worthwhile.
It all started in 2006, when she pivoted from a completely different industry because she had two young babies and wanted to be home while building a business at the same time.
“It quickly turned into my third baby,” she says. Paola got started in the field when she became “obsessed” with her own home’s renovation, and the possibility of having a part-time, family-friendly, work-from-home career.
From the beginning, Paola knew she wanted her business to reflect a rich diversity of influences that she had in her own life. Born in the Dominican Republic, her family moved to Connecticut when she was 7. After graduating from college, she moved to northern Virginia because she felt it was more culturally diverse than her small hometown.
The name Olamar is an amalgam of Spanish for “wave” (ola) and “sea” (mar) and her own name, Paola Martinez. Olamar has always had a diverse clientele from multiple backgrounds.
"I get the opportunity to learn about different cultures from my clients," Paola said. "I work with them to include artwork and artifacts they want in their home as part of who they are. It's really about showcasing who they are as a family – surrounded by things they love whether it's culturally or family related."
As a business, Olamar celebrates Hispanic Heritage Month from September 15 – October 15 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 Pena Defillo.
At home, Paola is always honoring her Hispanic heritage with her now two teenage children.
"We're Hispanic all the time, and that's something we always celebrate," she said.
Overcoming the challenges with support from TD
The journey to climbing the ladder of success hasn't always been easy for Paola.
When she reached out to TD Bank, Paola says she was in a “sad stage,” going through a tough time personally and professionally. She was getting divorced, found herself at a “crossroads,” and was trying to decide if her business should continue, or if she would get another job.” She decided to go all in and do what she could to save her company based on her passion and skill she’d developed in interior design.
Ray Naisan, Store Manager at TD Bank in Fairfax City, Virginia was referred to Paola through a program meant to help her navigate 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 in his career.
She says the rest of the process was “magic,” and she felt she was on a path to deal with credit card debt and subsequent interest, to wipe the slate clean and start again. “I couldn’t get out from under it, so he recommended we put it into a loan with a low interest rate and a set monthly payment,” she says. “I could start over and set the foundation for success after that.” She remembers hitting the ground running, again, once she was set up with this plan.
Ray says TD's process is to do a full assessment with the client, and with Paola, he decided to start with addressing the debt. “The main thing is cash flow — we sit down and ask a lot of questions, such as how payments are coming in, how are they paying fines, what challenges they are facing, and what the business is going to look like a year from now,” Ray said. “I wish we get more opportunities to talk, to educate these business owners like an attorney and an accountant, you need a financial advisor, a banker that can help you with your finances.”
The emotional impact was tangible, almost right away for Paola. “It was a fresh start, and exactly what I needed to dive in and focus and grow,” Paola said. “Everything fell into place after that.” From there, she could focus on marketing, her ideal target client, her business’s branding and public perception, and more. “It took a huge negative energy off of my back so I could focus on the future growth of the business.”
Investing in the future
Two years after working with Ray, the pandemic hit, but Paola was ready. “Even through COVID we had some very, very successful years. The type of client that we have attracted has shifted completely, and we are working on some exciting, unique projects. I have been able to get my team in order, and bring on two additional people to support everything, because there’s no way I could do this by myself.” In addition, she says she was able to invest in a social media specialist to help with branding, and credits part of her success to Ray’s solutions getting her back on track.
Now that Paola's business is thriving again, she and Ray decided to open a line of credit to preventatively have options in case cash flow gets tight again.
“Our line of credit is designed to help with cash flow gaps,” Ray said. “In the past, if she needed cash, she used a credit card. This is no longer the case. This is so much better, and our product is cheaper. If she needs funds to cover payroll, taxes, or fund a project, she can tap into that line to cover whatever is needed.”
But more than the line of credit or the debt consolidation loan, with Ray on her team Paola is moving forward with a “partner” in her business. “It doesn’t feel like he’s selling me things or upselling me. He’s very much a partner in my business — he knows if I’m successful, he’s successful.” She now recommends him to her small business friends. “Every small business should work with him.”
Four tips on managing debt for small businesses
Here are four tips from Ray for small businesses and managing debt.
- Consider utilizing 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, instead of resorting to credit cards.
- Consider consolidating credit into one predictable loan payment, to prevent overwhelm and pay down your debt at a doable rate.
- Don’t wait until debt feels insurmountable to reach out to a banker. Establishing a line of credit isn’t instant, and it's essential if cash flow gets tight.
For more on personal finance topic
If you have more questions about personal finance topics that matter to you, visit the Learning Center on TD Bank’s website. You can find out more information about TD Bank's services at 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 acted upon with respect to any client's specific circumstances. For specific advice about your unique circumstances, consider talking with your qualified professionals.
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