Help Loba Pastry open a New Location

Hey yall, Val here.

As you all know by now we are getting ready to move into a new space, don't worry, we are not going too far!

Our new home will be at 1800 W Addison (just a couple blocks north from the current location) .

We've been mentally preparing for this move since December when I decided not to resign the lease at the current space and were lucky enough to find SUCH a good spot not too far from our homebase for the last 6 years.

The bad news: I have not been able to secure a business loan to fund the construction of the new space. I have just been rejected again for my request of a $60,000 loan.

I really thought I would have enough credibility as a business owner after running this little coffee shop for over 5 years and staying afloat despite the chaos brought by 2020 but, according to banks, I am still a "risky" applicant for a loan. According to banks, I have nothing to offer despite a pretty good credit score.

How much does a Buildout cost?

Sooo much money, just ask your local restauranteur. The average cost to build/design a food service space is $200,000 in the city of Chicago.

I've crunched the numbers, including a lot of DIY efforts on my part and all the equipment we already have. We still need to buy a new (bigger) oven, fixtures, furniture, etc! Some bank told me they would not even considering applicants asking below $150,000!

I am currently working with a non-profit organization that specializes in helping fund businesses owned by people like me and the most they can offer me is $9000. Seriously.

We started the renovation mid June, tearing up the floors, ceilings and walls to turn the old dry cleaners into a brand new bakery/coffee shop space. So far, I've been able to cover costs out of pocket with savings and money set aside for the project. Now that our current lease is coming to an end, we are losing a steady stream of income and without a business loan I am feeling backed into a wall.

I know how much all of yall helped us during the pandemic. I am a 100% sure we would have closed the shop for good on March 2020 if we didn't have the support of our customers and our community. Please know that I am not giving up and I will do whatever it takes to open the new space, I am still on the lookout for opportunities, resources, advice! Anything!

It's really difficult to ask for help again but right now, we really need it.

Why should you donate?

To keep another independent business independently owned. We are not a front by a bigger company, we do not have investors. We are a self funded, single woman, first generation immigrant owned business.

And, because we (I) will do our best to pay it forward.

Thank you for helping us :)

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