PHILADELPHIA (KYW Newsradio) — Several small businesses in the Philadelphia area are getting financial help from a fund set up by the founder of Barstool Sports.
Phoenix Arts Dance Studio in Blue Bell, Flanigan's Boathouse in Conshohocken, and La Collina in Bala Cynwyd will be receiving grants from the fund that has already raised $20 million.
Like most small business owners, Enzo Valent was struggling and saw no way to get out from the financial pressure that COVID-19 restrictions were putting on La Collina, the restaurant he's owned for 34 years.
Then, along came Dave Portnoy, who announced the launch of the Barstool Fund in mid-December.
In a video he posted to the website, Portney said that to qualify, business owners still have to pay their employees.
"Then after that, it's what do you need the money for, how much do you need to get to the next month?" Portney explained in the video.
Valent's son and daughter-in-law heard about the Barstool Fund and made their pitch through emails and a video.
Dario Valent said they were desperate. With little to no room for outdoor dining and tepid interest from people to eat indoors, they had to rely on take out.
"And if there are other shutdowns in the future it might not be worth it for us to remain open until things improve," said the younger Valent.
Just days ago, Portney called to congratulate Enzo Valent and pledged to cover his payroll until La Collina is stabilized.
"This is going to help me tremendously because, like everybody in my position, if you cover the payroll, you're talking about 30% to 40% of your expenses is payroll," said Enzo Valent. "And when you go through slow times it goes up to 50% and 55%."
The Barstool fund has helped nearly 100 businesses nationwide thanks to donations from close to 160,000 supporters.
