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I was going to open a bookstore in Portland, but the bank turned down my loan after I'd already signed the lease.
I stood there holding the rejection letter in the empty storefront on 23rd Street, realizing my dream of running a quiet little shop with a reading nook was over before it even started.
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spencer_coleman6mo ago
Man, that exact thing happened to me with a coffee cart. Signed the lease, got the no from the bank. I called every small business group in the city. Found a local non-profit that does microloans for exactly this. Their rate was higher, but I got just enough to buy the used espresso machine and start. You have to get scrappy and look past the big banks.
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parkerbrown6mo ago
Appreciate you sharing that story, @spencer_coleman. It really shows how the big banks often miss good chances with small starters. Finding those local groups is the key move when you're stuck.
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cole_baker6mo ago
My buddy got a $15k loan from a local credit union after Chase turned him down. They actually looked at his business plan instead of just his credit score.
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kim.jake5mo ago
Flip the whole thing around and see if the landlord will let you sublease the space or take a tenant for a few months while you regroup. Some small landlords would rather do that than fight over breaking a lease and end up with an empty spot anyway. It might buy you time to find a different funding path without torching your credit.
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