I had been a flight attendant that was laid off and then I went to work as an administrative assistant. The company ended up downsizing, and I got laid off again. My husband was an electrician for over 20 years, but in the downturn, his workload was slashed to 15 hours a week.
We were struggling, and we had to do something. So we decided to buy our friend's small electrical contracting business.
But finding the money to buy the tools, the ladders, the van and the client list wasn't easy. At first, I went through the traditional route of applying for a loan from the Small Business Administration, but we were turned down because of our debt-to-income ratio.
Entrepreneurs can't rely on the old standard way to go out and get a loan because the economy just isn't normal anymore. We have to think outside of the box.
As an alternative, I found Craft3, a community lender, and they led me through the whole entire process. Ultimately we were awarded a $51,000 loan, and we were able to open up our own business, keeping us both employed.
- Gwin Jansen-Logue, co-owner
The Gelato Fiasco got a loan funded by a Starbucks campaign to open up shop down the block.
