Jeff Calista, owner of A Little Bit of Everything, a Pawtucket discount store, needed a loan to buy the property he was leasing.
In this economic environment, nothing is a sure thing, but with the help of the nonprofit South Eastern Economic Development Corp., a U.S. Small Business Administration lender, Calista was able to secure a $296,000 loan that he figures will lead to the creation of five new jobs. Citizens Bank participated in the deal.
Calista answered five questions about the experience.
PBN: How much of a business track record do you have? How long has your store been around, and how much experience do you have?
CALISTA: I have been involved in retailing since 1981. My wife, Linda, and I opened our first discount store in Quincy, Mass., in 1994. In 1998, we closed our store in Quincy when the building was sold and opened our Pawtucket location in [a 1,200-square-foot space on] Armistice Boulevard. In 2002, we relocated to a 3,000-square-foot building on Newport Avenue in Pawtucket. Finally, in 2008, we moved to our current 9,000-square-foot facility at 340 Cottage St. in Pawtucket.
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PBN: Why did you need the financing? Had you sought a business loan or line of credit before?
CALISTA: We have used a business line of credit with Citizens Bank for short-term needs to help with improvements, equipment and special liquidation buys. However, in 2009, we had the opportunity to purchase the two-acre property and building that our business occupies and needed additional financing.
PBN: What was your attitude going into the process – that you would easily get approved or that probably wouldn’t?
CALISTA: Given the tough economic times, we were cautiously optimistic about securing financing. However, our business had a sound track record, and we had confidence that our plan to develop the property, expand our business and create new jobs would be attractive.
PBN: What were some of the obstacles you faced as a small business owner in getting financing?
CALISTA: With the help of Pamela LaBreche, vice president, business banking relationship manager at Citizens Bank, the process was relatively smooth and obstacle-free. She helped us with all of the paperwork, often coming to the business to complete required information. She provided daily e-mails keeping us updated and streamlined the total financing process for us.
PBN: How did SEED become involved? Was it a good thing to go this route?
CALISTA: Once again, Pamela LaBreche informed us of the possibility of partnering with SEED. Paula Botelho, vice president of the SEED Corp., was extremely helpful. Between these two individuals, our efforts to obtain financing was remarkably easy and relatively quick in these uneasy times. We were thrilled.
