|Partners from l to r. Michael Kreha, Justin Steel,
Bobby Fry and Kevin Cox
|A custom-designed chandelier
graces the restored tin ceilings
The loss of relationship lending has hurt “Main Street” businesses
Willing to pay a higher interest rate, but not offered the option
|Love the fixtures…|
One option is crowd-source financing or “crowd funding”. It essentially involves going directly to the community to finance a project. For a business as engaged with the local community as this one, it seems like a promising idea. According to Wikipedia crowd funding describes the “collective cooperation, attention and trust by people who network and pool their money and other resources together, usually via the Internet, to support efforts initiated by other people or organizations.” Although it may be late in the game for Bar Marco to do this (two weeks and counting!), Bobby is still exploring one crowd funding option – kickstarter.com – which helped a brewery in Pittsburgh raise almost $200k.
At this point, they also plan to continue pressing lenders, finding any way possible to get them into the space to show them what they’ve done in efforts to revisit lending opportunities.