The fat-cat bankers — and you know who you are — gambled with our economy and our nation’s stability, sending us into what has become the worst economic recession since the Great Depression. Those same mega-banks pleaded for a bailout and the exiting idiot from Texas granted his Wall Street buddies taxpayer carte blanche’. Now, unemployment is out of control, the banks have recovered, and they refuse to lend or circulate their billions. Not to fret, bypass the fat-cats and do business with your local community bank.
President Barack Obama traveled to Seattle on Wednesday to meet with small business owners, listening to concerns, sharing ideas on growth, and learning what works. Joe Fugere owns a small pizza franchise in Seattle and shared his secret to growth and success by dealing initially with a commercial bank and then eventually doing business with his community bank.
“I approached a local community bank where I could be on a first name basis with the president, and secured a loan to open a new location. Within a few weeks, the loan was approved, and on June 15, 2009, in the midst of what some have called economic Armageddon, I opened the fourth Tutta Bella—the most successful opening to date in terms of revenue and the number of customers served. This restaurant employs 50 people and has been welcomed and embraced by the community.
A couple months ago, I successfully closed on a government funded SBA 7(A) loan, thanks to money made more easily available by President Obama’s economic recovery plan. Again, I worked with this local community bank.
Last week, Tutta Bella was recognized nationally as the ’2010 Independent Pizzeria of the Year’ by Pizza Today magazine. With more than 33,000 pizza restaurants across the country, it truly is an honor. Although it does make me question what’s going on with the big banks. If a successful and growing business like Tutta Bella can’t get financing from the big banks, who can?“
Precisely Joe! Play the big bank’s own game and get greedy with your business and finances. Invest and seek business partnerships with your local community banks. The residual jobs created from opening just one local business can help a single community weather an economic downturn.
Read Joe’s entire story here.