Success Story: Finance
A Dream in The Sand Comes True
The Motel on the beach in Rockaway lay silent and shuttered. The Business had been closed as a result of its owners' financial and marital problems. Foreclosure seemed imminent!
As is quite often the case one person's dilemma was the root of another's dream. The man who dared dream already had a gourmet restaurant and inn, which he had spent the past several years resurrecting and remodeling. It had become a successful small business. He kept visualizing the two, which are only a few miles apart, operating as a joint venture.
His plan was simple but effective. Promote the restaurant and inn at the motel and visa versa. Share the advertising expense. Shuttle the guests at the motel to the restaurant for a quiet elegant dinner and a chance to taste the private label wines offered there. Offer wine tasting at the motel and upgrade the establishment to the same luxurious standard as the inn.
Only one difficulty was in the way. Because he had invested heavily remodeling the inn cash was in short supply. He was able to find part of the financing through conventional means. Where could he borrow an additional $150,000 to close the deal.
He turned to the Tillamook BizCenter, one of nineteen Small Business Development Centers in Oregon, which are sponsored by the SBA and the Oregon Economic Community Development Department.
At the BizCenter Jim Casey , the Director and Business Counselor worked with him to prepare a detailed business plan and to apply to the Columbia-Pacific Regional Loan Program for a low interest loan This is a revolving loan fund aimed at aiding small businesses in rural areas such as Tillamook County, which can create new jobs.
The loan was granted and the deal closed. The Motel is unshuttered and planned upgrades are in process. The business plans to provide up to 15 full time and part time jobs.
The moral! Dreams do come true and there is help to make that happen at the local Small Business Development Center. |
