Wednesday, March 4, 2009

It's a Moving Target

So far, being an entrepreneur is even harder than I thought.

I've spent the last year+ working on the loans, plans, permissions, licenses, and anything else you can think of to make this bakery cafe thing take off. And then 4 weeks ago when finally FINALLY we had all our little ducks lined up in a row, the bank called to say
Yeah, about that loan. The good news? You've finally been approved! The bad news? It's just that we now have NO MONEY to lend you. NONE.
Well, ok then.

So we set out to find another bank. We've been completely approved by the SBA and other government entities. We just need a private bank - you know, one that has money - that is willing to partner with the government to make it happen. (yeah, wish me luck there...)


As it turns out, this is not a particularly good time in economic history to get a loan for a start-up business.

Who knew?

And so here we (and the 22 jobs we'd like to create) sit, waiting for something to break loose.

Something besides my brain, I mean.

25 comments:

goddessdivine said...

Stupid economic 'crisis'. It's so sad that good and honest people like you want to take out a loan, but you can't.....because idiots have fouled it up.

I hope things work out soon.

The Mom said...

I am so sorry! Keep praying...it will happen if it's supposed to!

Kristina P. said...

I keep seeing these little businesses popping up, and I had no idea people were still trying to start things up in this economy!

I wish you the best of luck!

Annette Lyon said...

We have a business owner in our ward who insists that this kind of time is when fortunes are made by people brave enough to start their own business. He's rich, so I think he knows what he's talking about.

But a loan with actual money would kinda help, I'd imagine.

Whitney said...

I hope this works out for you soon!!!! I must say, what good is it to be approved if you can't even get the money? :p What a bummer. I can't wait to hear when things do work out!!! :)

LisAway said...

It's a good thing the bank's good news completely swallowed up the bad news. Or wait, that was vice versa. Dangit.

Ditoo on what The Mom said, only I'd change the if to when! :)

Yvonne said...

I hope it all comes together for you SOON. I wish everything were different with the economy--it's such a bummer. Hang in there.

Two Princess Girls said...

I hope it comes together soon, it sounds like a wonderful idea & I hope you can get started soon!

Leslie said...

What credit thaw? Did banks even have any requirement to lend against the money they received to "thaw" the credit blockage? I just picture sharks circling with all the spenderiffic things going on and poising themselves to feast on it. Maybe you can start a tattoo removal service in CA. I heard that's being well funded. :-)

I hope you find the source you need.

Jenn said...

Any possibilities of getting private funding? Not the best time for that either, but...some people may want to take money out of the failing stock market and invest in you instead. Of course, it's a long shot. Just an idea.

Cheryl said...

My friend got private funding and it seems to be working really well! Of course, she's had to relenquish some hold on her business (because she's creating the product, but wants the final say in everything business related --like advertising, location, etc. and it's driving her "lenders" crazy), but it's worked.

I'm sorry about the mess! Keep going --I'm sure there's a miracle right around the corner...

Amy Peterson said...

I am constantly amazed at how when everything looks like I've been painted into a corner, the windows of heaven open, and there is a way provided! I'll keep you in my prayers! Go, Fight Win! (just a little cheer for you today)

Barbaloot said...

Is one of those jobs "cake tester?" Cuz if so, I can send you my resumee. I think you'll find that I'm highly qualified.

mormonhermitmom said...

I watched a Frontline episode last night about the last few months in the financial markets. Sheesh. Now I get why banks aren't lending.
I'm sorry you're in this squeeze. I agree finding private individuals might be your best option because there certainly isn't a lot of confidence in Wall Street these days. Good luck.

Dave said...

And here i thought I wasn't getting my daily dose of JustRandi because you were goofing off.

:-)

good luck to you. I really hope you succeed. (and not just because of all the awesome blog fodder you'll get dealing with the public)

Kimberly said...

Gah! How horribly frustrating!

aurora said...

I am so sorry! What a frustration. Best Wishes.

The Outlet said...

I hope this works out for you eventually!

I watched Suze Orman the other day where she said, "NOW IS NOT THE TIME TO LIVE YOUR DREAMS." I had to laugh because it was kind of funny, but you know the frustrations involved in this economy.

Janell said...

Take it to the media. The creation of 22 jobs when banks can't lend start-up money is definitely local-media worth these days. Then you get advertising that your business will be opening, and you get advertising out that you're looking for applicants, and you get the word out to banks that, "Hi. If you have money. Get good publicity - 22 new jobs if you give me money!"

Vern said...

Of all the crazy things. Don't the banks know that if anything is going to survive in an economic crisis it will be the place that sells BAKED GOODS??? fercryinoutloud.

That Girl in Brazil said...

Wha-?!

If I had a million dollars I'd lend you some.

No Cool Story said...

BOOO! That's a bummer.
ITA with Amy Peterson :) Best of luck.

Alison Wonderland said...

I'm so sorry. I want to say something encouraging here but it's all been done so I'll just stck with sympathy.

And cursing the bank, STUPID BANK!! (I just figure I ought to play to my strengths.)

Nancy Face said...

GAK! That is really such a bummer! :(

wenderful said...

I'm so sorry. It seems like the whole country is on hold sitting around waiting for something to happen. If you could find private funding, that would be awesome. Start asking around. Somebody always knows somebody who knows somebody with lots of money.