Latest / Small Business Success with Fexingo: Local Companies, Main Street Stories, and Community Commerce
How a Local Ice Cream Shop Used a $10K Loan to Open a Second Location
In this episode, Lucas and Luna explore how a small-batch ice cream shop in Portland, Maine, called Salt & Straw (fictional stand-in for a real story), leveraged a $10,000 microloan from a community development financial institution to open a second location just three blocks from their original store. The shop had been operating for four years with a single scoop counter, and co-owner Mia Chen was hesitant to expand due to fear of debt. But a targeted loan from the Coastal Enterprises CDFI, combined with a revenue-sharing agreement with a local bakery to supply their waffle cones, allowed…
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