2020 Small Business QLICI of the Year Award Recipient
CDE: Stonehenge Community Development
Developer: PhoneSoap, LLC
Owner: PhoneSoap, LLC
Location: Provo, UT
PhoneSoap LLC was formed by Dan Barnes and Wesley LaPorte after learning that a cell phone surface was dirtier than a public toilet. After designing a prototype, PhoneSoap created a Kickstarter campaign in 2013 to launch its new product. PhoneSoap is located in Provo, Utah, in a census tract with a 49.5 percent poverty rate.
The working capital from Stonehenge Community Development, the sole CDE for the transaction, has helped to fulfill a growing backlog of customer orders and is expected to create nearly 30 new jobs. PhoneSoap has experienced exponential growth in orders since the onset of the COVID-19 pandemic. PhoneSoap is working to expand its product line to include a device to help hospital workers sanitize rooms and devices as well as a new air purifier for residential use.
“Their story along with other innovative companies is a powerful reminder that small businesses can make important contributions to our country’s recovery from COVID-19 related economic disruption and public health challenges,” said Matthew Orr, vice president at Stonehenge Community Development.
“PhoneSoap’s success is another great example of the importance of making flexible NMTC capital available to small businesses and reaffirms that low-income communities are worth developing” said L’Quentus Thomas, managing director at Stonehenge Community Development.
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