BACKGROUND
Erin Justus Lampel and Jeremy Lampel had been in the business of making organic sourdough bread from locally grown ingredients for 5 years, selling to local farmers markets & Farm CSA programs. They were ready to expand their business from a community kitchen to their own location with more equipment, so they contacted the Central Coast SBDC for financing assistance to make the move.

CHALLENGES
The Lampels had developed a business plan draft to be reviewed for loan submittal, they had located 3 possible sites to consider, and they wanted to make sure the final loan application requirements were met and the lender relationship was successful.

ACTIONS
Danny Braga, SBDC Financing Advisor, reviewed their business plan draft and projections, and assisted them in making appropriate changes to the projections, balance sheet and financial statements. He reviewed the 3 site options and discussed the viability of each based on their business plan, and then he assisted the Lampels in the loan submittal process with the lender.
In 2011, the Lampels found an existing bakery whose lease was ending on the west side of Santa Cruz, and Braga assisted with the changes to the loan application for the new location. Also, the Lampels received questions from the landlord which they needed assistance with to close the deal and renovate the space, and Braga provided the information needed. 

RESULTS
As a result of Braga’s assistance, the Santa Cruz Community Credit Union approved a $20,000 loan for equipment, the owners and their family invested $25,000 to renovate the space, and they were able to hold their grand opening in June, 2011, hiring 5 new employees to assist in operations. The previous struggling business, Brendan’s Bakery, was also assisted by the Central Coast SBDC client to stay in business until they could complete their lease, so the outcome was a win-win for both owners, the landlord and the community.

“Danny Braga was a huge help when we were preparing our business plan for loan approval from the bank SCCCU. He assisted us with our financials and gave us confidence to move forward.”

Santa Cruz Article: http://www.santacruzsentinel.com/ci_18294567?IADID=Search-www.santacruzsentinel.com-www.santacruzsentinel.com

Companion Bakeshop
Erin Justus Lampel and Jeremy Lampel
831-252-2253
companionbakers@gmail.com
www.companionbakeshop.com
2341 Mission Street
Santa Cruz, CA 95060