Ask your customers…or would-be customers.
Read and listen to this piece from NPR.org about how a small dairy in upstate NY is attempting to procure an unsecured loan (at a 6 percent interest rate) from their own customers.
So many of you who want to borrow money to start your cake business are running into difficulty obtaining a loan. Is it possible to learn from Dante Hesse and work with the people who know and trust you — your loyal customers?
Hesse is offering 6 percent interest for an unsecured loan of $1,000. His business plan taps into a pair of burgeoning movements — the first characterized by an interest in organic, locally grown food; the second by an environmental approach to economics.
Check it out. More later about this idea, I’m sure.