Insights into the world of small business lending and development
Mark Newman needed some fast cash last October to keep his small Studio City wine-importing business afloat. He went to his main bank but was rejected for a loan because of his relatively low sales. So Newman, 61, turned instead to an online lending company called OnDeck. After submitting a handful of bank statements, he was quickly approved for a $65,000 loan, which allowed Newman to cover his wine shipments and keep his business running. All good, right? Wrong, says Newman.
Karen Smith worked for decades as an office administrator and hated it. So she changed her life radically: She launched a business making jewelry five years ago. At first, she made beaded bracelets. Then she taught herself how to work with metal, mostly by reading books and watching YouTube videos. “I looooove doing this,” said Smith, as she lit a torch in her tiny Oakland studio and soldered a silver ribbon to make a ring. “I have never in my adult life had a job where I felt the freedom and passion that I feel now with my work. This is what I’m meant to do.”