Anna Marie Martin (left) and Lisa Martin recently opened the Liberty Baskin Robbins store, thanks in part to a Revolving Fund Loan from non-profit Midwest Small Business Finance.
Liberty's Baskin Robbins store is dishing out good tastes thanks in part to a unique loan program operated by an area non-profit organization.
Anna Marie Martin and her daughter-in-law Lisa Martin opened their new Baskin Robbins location in the Liberty Triangle June 11. The effort represents a lot of hard work and planning, plus Lisa’s previous experience managing three Baskin Robbins stores. Also notable in today’s economy, the business received a jump-start from a unique loan program that recycles funds from such entrepreneurial efforts.
The Midwest Small Business Finance Revolving Fund Loan was created to assist businesses with “gap” financing that helps with machinery and equipment, real estate improvements or even furniture and fixtures. Because the fund allows a lower down payment, below-marked fixed rate and other advantages, it can be a “deal maker” for small businesses starting or expanding.
“We were so fortunate to come across that,” Anna Marie Martin noted. “We had no idea it existed.”
That low visibility may be the only problem with the fund. Like other MSBF loans through the Small Business Administration, low rates and favorable terms can contribute directly to success for small businesses, which are responsible for a majority of the jobs in America. The RLF fund is also “recycled” by the non-profit MSBF, which uses the repaid loans to help still more businesses.
“It really is a win-win program,” noted Karine Director, MSBF finance director. “It gives us another tool to offer small and medium businesses what is often critical assistance during start up or expansion.”
Martin said the process was almost unbelievably easy. “After speaking with Karine, she helped me and it worked out wonderfully. It’s a great program and so easy to access.”
Martin also admitted the recent hot weather hasn’t hurt either. The former Liberty City Councilwoman said the store’s location in front of Lowe’s was a help, but the unseasonably warm summer so far had led to customers eating literally tons of ice cream in only the first weeks since opening. “We’ve been very pleased with the response,” she said. “I didn’t know that many people could eat ice cream!”
Midwest Small Business Finance offers Revolving Fund and SBA loans for projects throughout Missouri. Additional information is available by calling (816) 468-4989.