Successfully running a business that’s mostly seasonal means acting quickly when opportunities arise, as Fanny Gerson, owner of La Newyorkina, knows. Her paletas and other frozen treats have delighted enthusiastic fans in New York City for years.
After aggressive expansion plans were delayed following Hurricane Sandy, La Newyorkina was ready to grow. Fanny needed capital quickly to take advantage of a new opportunity in Astor Place and to secure La Newyorkina’s first storefront in Brooklyn. Just as important, though, was the assurance that the process wouldn’t distract from business operations.
“I was at an event at the Brooklyn Chamber of Commerce and the head of Excelsior Growth Fund was there and talked to me about the program. A loan officer called me the next day and within a week he got us approved. That money went into helping us get our store open,” she says.
Fanny’s EGF advisor explains, “EGF got to an approval for a loan that traditional financing sources would consider risky. Moreover, we did it promptly, meeting the specific needs of this business owner.”
“We’ve hired about 15 more people and are looking to continue our expansion. Getting that loan from EGF allowed us to grow while keeping the business in our kiosks going strong. The future is really bright now,” says Fanny.
She continues, “I tell all of my friends about EGF and have already sent the application to three other business owners that I know. We couldn’t have done it without EGF.”