We've been making gelato in a small town in Maine since 2007, and we wanted to expand to the bigger city of Portland, the cultural center for the state.
We had a great relationship with a local bank here in Brunswick, and when we found a spot in Portland, we went to them and talked about our plan. They gave us a verbal go-ahead and we went ahead and signed a lease.
In the end, we got rejected because our collateral for the store was not sufficient. We were stuck with a lease we had signed, in a perfect spot, and what we thought was a perfect plan.
So we turned to Coastal Enterprises, a CDFI in our area, and told them about our situation. In about a month, we got a $140,000 loan. We opened the new location in the first week of February and we're already off to a great start. We're looking to add 10 people to our 21-person staff, including both full- and part-time workers. We've already filled six of those positions.
I had heard about the Create Jobs program. The best thing Starbucks can do to sell more coffee is to get more people working and earning money -- it makes good business sense. I had never imagined that I would be the recipient of it not three months later.
- Josh Davis, co-owner
The Gelato Fiasco got a loan funded by a Starbucks campaign to open up shop down the block.
|Neighbors accuse Zuckerberg of hoarding parking spots|
|Warren Buffett facing $750 million loss on Tesco investment|
|Google pulls out of conservative political group over climate change|
|Stolen Jaguar returned to owner 46 years later|
|Billionaires are hoarding more cash|