Dixmoor Notary Public obtains $21,000 loan to expand remote, mobile services
January 17, 2024
NORTHERN ILLINOIS COMMUNITY VENTURES (NICV)
The reason Latania Johnson began offering mobile and remote notary services as part of her tax preparation business is one that most people can relate to.
“I was trying to get something notarized, and I went to currency exchanges, banks, City Hall, the library, and there was no notary anywhere,” said the south suburban Dixmoor resident and founder of Ms Tiff Enterprise LLC, which also offers credit repair and counseling.
Johnson found that even when one can identify a notary public, the process can be expensive — as much as $25 for a single document — and time consuming. Many notaries do not accept walk-ins. “You have to make an appointment.”
Johnson noted what the industry was missing was convenience and affordability, particularly for seniors. “I know a lot of older people looking for notaries. So, I said let me just be that person for them.”
In April 2018, she secured industry certifications to be able to create and notarize legal documents, including Powers of Attorney and affidavits, and added remote and mobile notary services to her business offerings. Her customers are mostly title companies, banks and realtors. For individuals who need assistance, she guides them through the process and gives community members a break on the fee, charging between $1 and $5 to notarize a document in some cases.
“We’re all hurting, and I try to help the seniors when they come to me. I help them get senior discounts and handicap discounts. If we can’t help you, we guide you to other resources.”
Ms Tiff Enterprises currently has two employees and works with a few 1099 consultants. With a virtual office address in downtown Chicago, Johnson works from home and, sometimes, from her car to deliver mobile notary services to her customers.
“I use a hot spot and have everything I need in my car to print out any documents. I do remote notary online as well if you can’t come to me or I can’t come to you.”
During the height of the pandemic, Johnson was able to grow her business by subscribing to online platforms that offer a multitude of notary and financial services aligned with her business model, such as Signix, a digital signature notary service, Ultimate Tax and Smart Credit, which has enabled her to provide advanced payment for tax services and credit monitoring.
There are hundreds of these types of platforms online that require annual subscription fees. Johnson, in need of capital to fund business growth, went to a local Small Business Administration (SBA) office to inquire about a loan. There, she learned about small business loans available through Northern Illinois Community Ventures (NICV), which operates under the umbrella of Northern Illinois Community Initiatives (NICI), a foundation created by Nicor Gas. The SBA office advised her to reach out to NICV partner, Allies for Community Business (A4CB), a community development financial institution based in Chicago that reviews applications and services the loans. In June, Johnson was approved for $21,000 at an interest rate of seven percent.
“I applied and in less than a week, it was funded and in the bank account. It was a smooth, easy process. I was very happy with the amount and my interest rate. Most banks would be 18 to 24 percent. It’s easy to pay back and very flexible.”
The infusion of cash has allowed Johnson to subscribe to additional platforms online and partner with business associations to get her name out there.
“It’s a long list of partners. People call me from everywhere. Now, I get clients from Texas, Florida, California and Georgia. I also partner with the Better Business Bureau so people can find me through there and the Minority Supplier Development Council, too. It costs, but it pays off. I can make that (subscription fee) up in a few hours.”
Johnson said the NICV loan has made it possible for her to think about renting office space and hiring and training more staff as she expands. Her philosophy: “Stay ready.”