Banks Supporting Small Businesses????
Saturday, February 26th, 2011So I was watching this new show “Restaurant Impossible” on Food Network the other day. The plot is Food Network sends out one of their celebrity chefs (Chef Robert Irvine) to a restaurant that is failing miserably. In two days and with $10,000 he has to redesign the motif, revamp the menu, shape up the staff, and re-train the cooks.
In this particular episode, the failing eatery was owned and operated by a gentleman that wanted to revive his father’s Italian restaurant, which was quite successful years back. His problem…he had zero experience in the restaurant industry (he worked wholesale electronics for 20 years). This didn’t matter because he still got a second mortgage, a sizeable line of credit from the bank, and a few new credit cards to fund the doomed business venture (piling up almost $300k of debt).
What does this have to do with Senor Sangria? Money. It is amazing what a few years can do. About 4 years ago banks backed up the truck and dumped money on this guy with no rhyme or reason. No experience? No problem? No money? Here you go! Enter the self-inflicted collapse of the global finance industry, and now every bank out there puckers up tighter than a snare drum when you ask them for funds. Senor Sangria has a solid business model, a track record of growth, and a quality product that stands up to the established competition yet we are turned away empty-handed every time.
I found myself getting fired up every time I saw a commercial featuring a bank touting their commitment to supporting small business and Main Street. Horseshit. I had to do something. I reached out to Senator Menendez via twitter out of desperation, and actually heard back the next day! He referred me to a contact in D.C. that deals with small business issues. He listened to my concerns, gave me some suggestions, and encouraged me to keep detailed records of my efforts and progress (or lack thereof) to share with the Senator.
Who knows? Maybe we will get additional funding eventually. It would be great to be an example to other small businesses of how you can make your voice heard. People need to be aware of these problems. Over a trillion dollars was pumped into these banks, paid for by you and me (and our future generations). Now, they’re back to turning billions in profits and handing out billions in bonuses, while the average Joe toiling to build a business and a future gets squat.
If any of you have any sugguestions where we can get a loan we will pay you in sangria!
