Omg Omg Omg The Bank Called-- After I Took In My Plan!

Business By Cakenicing4u Updated 13 Oct 2008 , 9:55pm by Cakenicing4u

Cakenicing4u Posted 12 Oct 2008 , 1:33am
post #1 of 21


So after weeks of antagonizing over the decision to start my own business, and a slew of interupptions... like my Japanese daughter arriving for the year thumbs_up.gif and my father getting help for an addiction issue thumbsdown.gif Not to mention the two jobs, a coworker getting emergency surgery thumbsdown.gif and her being out of work for WEEKS... icon_cry.gif so I'm pushing 7 eight hour shifts a week in two bakerys!! icon_cry.gificon_cry.gificon_cry.gif

thumbs_up.gif So this week I got the papers together and dropped my business plan off at three banks... it's a fifty page packet icon_confused.gif of info and letters and financial plans... and it's SHARP. I've been working with a small business development group for weeks putting it together... icon_lol.gificon_lol.gif THEY ROCK!

I dropped one off in person monday, in the mail on tuesday for #2 and dropped #3 off for inter-office mail on thurs. icon_rolleyes.gif I've been looking up and saying a lot of prayers this week....

thumbs_up.gif Friday, bank #3 calls and is interested, and then five minutes later, bank #1 calls and is interested!! OMG! icon_lol.gificon_surprised.gificon_lol.gificon_surprised.gificon_surprised.gif

With everything going on in the USA right now, I had myself convinced that I was going to be doing something like selling my blood or even a kidney to pay the bills next week.... icon_razz.gif but hey, it's showing me that when you icon_rolleyes.gif look up and say a few prayers, things can happen!!

Wish me luck... the fun is only just beginning!!

20 replies
melodyscakes Posted 12 Oct 2008 , 1:47am
post #2 of 21


-K8memphis Posted 12 Oct 2008 , 1:51am
post #3 of 21

Aww, what an nice encouraging development huh. I'm happy for you.

indydebi Posted 12 Oct 2008 , 2:03am
post #4 of 21

A great testimony to all the hard work you put into your plan! Evidently it shows and it shows you are serious about it. We're all super excited for you! Don't forget to give us updates!!!

sari66 Posted 12 Oct 2008 , 4:42am
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maimerbaker Posted 12 Oct 2008 , 5:11am
post #6 of 21

Way to go....please, keep us posted! I love reading success stories like this! icon_smile.gif

aztomcat Posted 12 Oct 2008 , 5:20am
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Congratulations for having the GUTS to go into business with your talent.

Its an unspoken wish of mine. good luck!!

loriemoms Posted 12 Oct 2008 , 12:58pm
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wooo hoo! That is terrific!!!! You should be VERY PROUD!!! Do keep us posted and will keep praying for you!!! Yeahhhh!!

littlecake Posted 12 Oct 2008 , 7:37pm
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whoo hoo!

JanH Posted 12 Oct 2008 , 8:12pm
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Wow, that IS great news! icon_biggrin.gif

You Go Girl. thumbs_up.gif

Cakenicing4u Posted 13 Oct 2008 , 1:44pm
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ya... so it wasn't just a NO it was a HECK NO....

They even gave back all my papers!

Gonna go cry then shake it off and get on with my day! I knew that it was going to happen, I just didn't know how much it would sting...

FromScratch Posted 13 Oct 2008 , 3:15pm
post #12 of 21

Awwwe.. that stinks. Don't let it get you down too much.. keep plugging along. Nothing worth fighting for is ever easy. ((hugs))

loriemoms Posted 13 Oct 2008 , 3:15pm
post #13 of 21
Originally Posted by Cakenicing4u

ya... so it wasn't just a NO it was a HECK NO....

They even gave back all my papers!

Gonna go cry then shake it off and get on with my day! I knew that it was going to happen, I just didn't know how much it would sting...

Dont feel bad...NOBODY is lending money right now. We tried to get a credit line for a very small percentage of our equity in our house, and we got turned down. Our accountant told us he is hearing that all the time now The banks are just too chicken to lend anything out right now. Maybe after the election...

jillmakescakes Posted 13 Oct 2008 , 3:39pm
post #14 of 21

While I know the sting, just keep on working. I am currently sending in my 3rd loan app today-- hopefully with the markets in an upswing again, I'll have better luck. did they at least give you any insight as to why? (one of mine said they wanted over $50k in sales for this year, which is just not possible given my current kitchen situation)

summernoelle Posted 13 Oct 2008 , 3:40pm
post #15 of 21

Ahhhh, shoot. Sorry about that. In a few months, when the economy recharges, you'll have a better shot.

smoore Posted 13 Oct 2008 , 3:47pm
post #16 of 21

Be sure that your offering your business plans to your small local banks, and not the major chains that are out there. Local banks are still lending (though they are doing due dilligence for new business) and are also offering reasonable rates. The larger banks are the ones that aren't writing new business. We were just able to get a car loan through out local bank without a blink of the eye, even with some hospital bills still hanging over our heads from a period where my husband was laid off, lost insurance and my husband, my son and me all had medical stuff hit with me needing surgery, my son in Children's for 5 days. There were just a few stipulations on the loan, and that was that they approve the particular car before the paperwork was done - lower miles, not older than 2002, not priced over blue book, etc.... but that was what we wanted anyway. They just wanted to make sure that the car value wouldn't make us "upsidedown" the first month. If you think about it, you want your bank to "look out for you" anyway.

indydebi Posted 13 Oct 2008 , 3:48pm
post #17 of 21

Keep pluggin away. 2 banks turned me down before a third one said yes. And during the process, those turn-downs were a GOOD thing .... saved me tens of thousands of dollars!

Keep going! thumbs_up.gif

SweetOccasionCakes Posted 13 Oct 2008 , 3:52pm
post #18 of 21

Congrats on the banks calling! That is awesome! I'm so excited for you, mind if I live vicariously!?!?! LOL! icon_wink.gif

debster Posted 13 Oct 2008 , 4:31pm
post #19 of 21

I agree keep hanging in there, maybe a door got shut and a window of opportunity will be opened that will be better all around for you. Saying a prayer for you. Don't give up. I too think after the election things will turn around somewhat. thumbs_up.gif

indydebi Posted 13 Oct 2008 , 9:33pm
post #20 of 21
Originally Posted by smoore

Be sure that your offering your business plans to your small local banks, and not the major chains that are out there.

Totally agree. It was a small, PRIVATELY OWNED bank that approved my loan.

Cakenicing4u Posted 13 Oct 2008 , 9:55pm
post #21 of 21

I think my big mistake that I read on here, and disregarded was to actually have the gift money in the bank before I walked in.... I'm sure that's the page where he just stopped and shut down.

He really recommended I come back in two years with sales to show-- he would not take into account the existing book of business and customers I am getting from the boss of my current job-- I get her wholesale accounts and her everyday cakes... she is only going to do 2 weddings a week and NO more... so we thought that it would work in my favor-- but since i'm not actually buying it, i don't think he believed it!

Onward and upward..... and plan P is going to start... that's the one that comes after N and O right?

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