Remember my post where I was told there was a 99% chance my loan would get approved? Well, that 1% won. My loan package was presented to the Board before the holidays and I was told that it wasn’t approved for one reason I didn’t see coming. The curveball they stated was that I needed to have someone with retail food experience on my management team. They also suggested that if I added this person to my team, they would reconsider.
All this time I’ve been so focused on my finances that I never saw this coming. I have been consulting with many restaurant people but either didn’t present that well in my loan package or they want someone “officially” on my management team. Although this news was extremely disappointing, I know this is something I can overcome. I can get this manager.
I talked to my consultant at the SBA and he agrees that if I find this manager, he will try to present it as soon as possible. The SBA is closed for the holidays so I am using these 2 weeks to secure this management person.
Prior to this news, I already had a meeting set up with someone that would be perfect. I met with him on Monday and he really liked my business and we are working out the specifics of having him join my team. I’m meeting with another potential person this weekend. I know that I can make it work with one or both of them. I’ll be talking to the SBA on January 5th and will hope for the best.
The good news is that my finances seem to have been approved. That is HUGE!!!
In the meantime, I just hope the space in Glendale is still available. If it’s meant to be, it will happen! At least that’s what I keep telling myself.