Turned down by several banks, the owners of a Texas bagel shop were able to get their restaurant up and running thanks to an SBA loan through Randolph-Brooks Federal Credit Union.
Originally from New York, John and Suzanne Hermann had experience running several coffee shops in Augusta, Ga. When the couple moved to San Antonio, they were ready to open up a bagel shop but were rejected by community and national banks including Bank of America who suggested the Hermanns check back when they were ready to launch their second bagel shop.
The couple was eventually able to secure an SBA Patriot Express loan in 30 days from Randolph-Brooks in Live Oak, Texas. Senator John Cornyn (R-Texas) recently stopped by the Hermanns' bagel shop.
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"So much of what we've heard in the recent financial crisis is that the big banks and Wall Street seem to be getting help, but what about folks at the main street level," Cornyn asked. "We appreciate the good work of Randolph-Brooks Federal Credit Union in working with the SBA and working with small businesses like the Bagel Factory to make [access to credit] possible." Randolph-Brooks FCU CEO Randy Smith said business lending by CUs "is one of the better kept secrets." The $3.7 billion cooperative increased its business lending by 20% in 2009 and is on track to surpass that this year, he added.
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