Winemaking business overcomes financial hurdles and launches with support and funding through Lendio.
Reason for a loan
Industry
Location
Employees
1-50
We recently had the opportunity of working with Monica Beeman to help her secure a small business loan for her new company. The company, called Vines to Vino, is Baltimore’s only winemaking establishment where you make the wine. Using grapes from the world’s finest vineyards, you crush, press, barrel, and bottle the wine under the guidance of a master winemaker.
Monica dropped us a line and talked about the positive experience she had with Lendio:
“I found Lendio while searching for a way to connect with angel investors and peer-to-peer funding websites. I quickly called and spoke with Darren Lunt (he made such an impression on me that I will never forget his name!) to ask questions about which level of service I should consider, as I was still unsure of how to structure investments in my business.
“I knew I had major obstacles to overcome because I had a bankruptcy 5 years earlier. Darren very bluntly instructed me to consider debt financing, which is what I wanted to pursue anyway. He suggested that I purchase the risk profile report. Having lost my job back in February and living on unemployment (with a newborn baby), I had NO money to purchase this. After begging a family member to borrow the money, I started my process with Lendio and purchased the Risk Profile Report.
“I was a little disappointed to read information that I already knew (I stay very current on my credit reports), but I was somehow energized to make the necessary changes to go from an 11% chance of funding to a 90% chance. Once again I was at a speed bump, as I now needed actual cash to make the changes to my personal credit and start building business credit. I spoke with Jordan in the Finance Dept and we made arrangements for me to start pursuing a microloan to accomplish this. We did this, understanding that with these changes, I would have a better chance of getting the funding I really need.
“I have since secured a $5,000 loan through and have been able to incorporate the business, build a website and print marketing materials, and I am now working with the legal group to dispute the negative information on my credit. Shortly, I will return to Lendio and re-apply for financing for a larger amount to bring Vines To Vino to operation!”
We wish Monica the best of luck in her new venture!
Check out the website here: http://www.vinestovino.com/
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