"It was a great pleasure working with the SBDC. They guided us all the way through the process and were very patient with us. We would not be able to do this without their knowledge and help."
Challenges: The City’s loan application process can be daunting for applicants as the growing list of documentation and support material is similar to the information required by commercial lenders. Completing the business plan including project costs, isolating equipment and development costs, completing assumptions and projected revenues and expenses were among the challenges Gigi and Ray faced. Next, the City requested further information to justify these projections as well as expanding the marketing plan.
Actions Taken: The SBDC worked with Gigi and Ray to assist them with the loan application process and the required documentation. They worked with business advisor Monahan on the plan, the assumptions and projections and he also later fashioned a formal additional submission of research to support the assumptions. Submission of their packet took place in March and April of 2008 with the additional information submitted in May and July.
Results: As a result of these efforts, Gigi and Ray secured the financing they needed to open the deli. Construction work has started on the tenant improvements for the site toward an anticipated Fall 2009 opening date. The project has also helped spur other new development on the block with several other new businesses planned to open in 2009. This project has the potential to transform downtown and be an important part of the revitalization of downtown Fairfield.