Ingrid Burke, a full time nurse, grew up in a business family, and sought to open a wine and spirits shop in her Mount Vernon community. Ms. Burke recognized an opportunity in that there were competitors in a two-mile radius, and found an ideal location near the local Metro North station where she launched a business with a “community-catered selection and heart-warming environment” as well as affordable prices.
As her business began to grow, Ms. Burke sought a working capital loan to enable her to increase inventory. She connected with Pace University Small Business Development Center (SBDC) business advisor Sandra Cely, who helped the client secure much-needed data regarding local spending patterns and competition from the NYSBDC Research Network. Sandra also helped the client to build three-year financial projections and interim financial statements, as well as a business plan to map out projected growth.
With these efforts, our client Da’Vine Wines was able to secure a $50,000 loan from the Excelsior Growth Fund to supplement her own investment, and create four new jobs.