The American Dream. Some say it’s home ownership. Entrepreneurs say it’s owning your own business. Millions who come to this country each year say the American Dream is just getting here.
For one Northern Kentucky Family, it’s a mixture of all of that.
Horizon Certified Development Company is the branch of HCDC that offers Small Business Administration (SBA) loans. Mike Crowe, a loan officer at Horizon, was approached by a business broker to look at a possible loan for a Thai couple who had immigrated to the U.S. After reviewing their business plan and other financial information, Mike told the company that it would be very difficult for them to obtain the financing they wanted to open a restaurant at that time.
However, Mike laid out a checklist of items the couple would need in order to get the financing. This included improving their personal credit score, allocating resources for working capital reserves, and showing they could operate a profitable business.
So the couple went to work. They found a friend who was willing to purchase the building they wanted and leased it to them. They worked in the restaurant for a little less than two years and turned it into a profitable venture.
The couple came back to Horizon and Mike. This time, they were able to obtain funding in the form of loans from both a bank and the SBA. They used the money to purchase and remodel the building that housed their restaurant. The family was able to expand and improve their business.
In other words, achieve the American Dream.
However, the story is not just about making the dream come true. Businesses everywhere are under the impression that financing is just not available to them right now. Yes, lenders have tightened some restrictions on loans. But meeting with a Horizon SBA loan officer is a good way to find out what your business needs to improve in to help qualify you for funding when it will be most needed. Having the course laid out may make the journey much easier, and quicker.
For more information about Horizons programs, please call 513-631-8292 or visit horizoncdc.com.