We found the location, now we needed money for construction and equipment. We had money in savings, credit cards, and made a business plan to go ask for additional money. We were disappointed to learn that banks kept turning us down for loans. It was during the recession and banks weren’t lending for startup small businesses (even though we had been in business for three years at this point, and turning a profit, opening a location was considered a startup).
Where there is a will, there is a way! In researching options, we learned about Accion (it’s now called LiftFund). For every dollar you want in a loan, you have to match in assets. This meant our car title was in the name of LiftFund, savings, etc. But we met every dollar and could move forward! PSA: We would highly recommend their services if you are needing a small business loan. We could not have been more pleased. They helped us every step of the way, and went above and beyond to get our check ready on Thanksgiving Day so we could purchase equipment on Black Friday to take advantage of all the deals. Incredible customer service!
Signing contracts and holding the check in our hand was a scary feeling. This was the defining moment. Once we cashed it, there was no turning back.
Stay tuned as we share more inside stories and fun facts of Alamo 180!