To most folks who've stepped inside Dan Swenson-Klatt's doors at 3700 Nicollet Ave, Butter Bakery Cafe would not seem like much of a credit risk. Flocks of people step up to the counter morning, noon, and night, for their taste of the eatery's delicious output.
However, when Swenson-Klatt went shopping for loans to help him move his business down the street to its new location in the Nicollet Square building, he found his bankers a little reluctant to give him a loan, according to a profile in the Star Tribune:
“I’ve gone back a couple times, and there seems less hesitation, but they don’t seem ready yet,” Dan Swenson-Klatt said the other morning after shoveling his south Minneapolis sidewalk and greeting customers. “So far, I use their credit cards up to about $50,000 a month, and one line of credit.”
With those measures, plus a loan from small-business specialists at the Metropolitan Consortium of Community Developers and a little help from Kickstarter, Butter was able to expand into its new digs and hire on additional help from Nicollet Square's residents.
Swenson-Klatt's story, the Star Tribune reports, is pretty similar to many small businesses across the country—hobbled in part by poor access to credit from banks still scarred by the 2008 financial collapse.