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.

3 comments

3 Comments

spencer_coleman21d 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.

parkerbrown21d 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.

cole_baker21d 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.