How can a loan make one business owner’s dream come true?
For The Buttered Tin restaurant and bakery in St. Paul, Minnesota, a loan was just the start of a successful journey toward becoming a beloved Twin Cities destination eatery.
Talented pastry chef and entrepreneur Alicia Hinze had always dreamed of opening a bakery and restaurant in St. Paul’s Lowertown neighborhood, a rapidly-improving downtown community that had fallen on hard times in the 1990s.
When Hinze first looked for financing in 2013, several prominent local banks were unable to make her a loan. But while many banks weren’t comfortable taking a chance on a star-up business, one bank’s loan officer told her about other options: non-bank lenders with mission-driven priorities.
With a strong business plan in hand and desire to create jobs in a community on the upswing, Hinze was able to get a $200,000 SBA 7(a) loan to open her dream restaurant. After just a few months in business, rave reviews helped draw crowds of diners who lined up outside the door.
By 2016, Hinze needed another loan to expand The Buttered Tin due to increased demand.
Because lenders believed in Hinze’s vision and her business abilities, The Buttered Tin became a reality.
- 30 new jobs
- Woman-owned business