Written by Mark Hostutler - Editor, American Community Journals

When a rare flash flood in the early morning hours ravaged his business, Dr. Matthew Steinberg, the owner of Commack Veterinary Center in Long Island’s Suffolk County, was left in a state of despair.

Dr. Steinberg’s practice was one of several businesses in a strip mall that unexpectedly saw several feet of flooding. Centrally located on Long Island, almost equidistant from Smithtown Bay to the north and Great South Bay to the south, none of them had flood insurance.

The nearby sump, owned by New York State, overflowed, and as a result, the businesses stood in four feet of water.

“It was like a lake,” said Dr. Steinberg. “Dumpsters were floating; the cats that live in our hospital luckily survived and were floating in their litter boxes. The water couldn’t drain, so they had to bring in tankers to siphon it out.”

When the water was finally gone, all he saw was ruin.

Left reeling when his insurance claims were denied, and with the government failing to provide relief, Dr. Steinberg considered closing his business, which serves approximately 6,000 clients, and filing for bankruptcy.

“FEMA helped schools and libraries, but not businesses,” he said. “With no state or federal aid and no insurance money, we were totally alone on this.”

Until he received a lifeline from his banking partner, Firstrust Bank.

In 2020, Dr. Steinberg had secured a $1 million loan from Firstrust that enabled him to buy out his business partner and become the sole owner of Commack Veterinary Center. A year later, he secured a $2 million loan from the bank to help build the business into what it was — a full-service veterinary hospital with a 25-person staff and dedicated pet salon — when Mother Nature wreaked its havoc in the summer.

“I called (Firstrust Bank Senior Relationship Manager) John Rooney and told him that it’s all gone, that I didn’t know what to do,” said Dr. Steinberg. “I had a new $80,000 X-ray machine — that was gone. The hospital needed new flooring, new cabinetry, new countertops, new equipment, new electrical, new everything.”

The bank immediately extended Dr. Steinberg a $100,000 line of credit to ensure he could meet payroll and get a temporary facility up and running in just nine days. Meanwhile, Firstrust facilitated an SBA loan for $400,000 that enabled him to pay for the Commack Veterinary Center’s rebuild, which took two months and is now complete.

“The whole experience was pretty traumatizing; literally, the only place I could turn to was Firstrust,” said Dr. Steinberg. “What they say is always what they do. I’m a homeowner and have a mortgage and other bank dealings, and it never runs as smoothly as it does with Firstrust. Looking back, there were no other options. Firstrust showed up, made the bad days better, and kept us breathing.”

Learn more about how Firstrust Bank offers the flexibility businesses need to access cash quickly to manage cash flow, increase inventory, or weather emergencies.