Securing a loan can be a major obstacle for entrepreneurs looking to start or grow their business, and that’s where Operation HOPE often steps in to assist. That’s the situation that married couple Maurice and Bridget found themselves in when they needed a loan to retrofit a food truck so they could share family recipes of shrimp and chicken with their community.

The loan officer they initially met with referred the couple to Operation HOPE Small Business Coach, Brooke Ratliff. Together, the three of them strategized about how to secure the $50,000 they were looking for. First, the couple logged onto Zoom for Operation HOPE’s small business education sessions where they learned that a business plan is an important tool to help pitch potential lenders. With newly acquired knowledge about what should be included in a business plan, the couple brainstormed and refined the target market for their services. With Brooke’s guidance, they also itemized to the dollar how the $50,000 loan would be used to grow their business and included sales projections for the next two years.

“Brooke kept us confident. She knew I had a decade of experience in the restaurant business and we had assets, which made us strong candidates for a loan. We just needed help presenting all of this in a business plan. She really went above and beyond—meeting with us on a regular basis to refine our pitch and urging us to be as specific as possible when it came to expenses and sales. She’d also check on us to know more about our progress with different lenders,” said Maurice. 

With a comprehensive business plan now in hand, the couple was ready to approach lenders again, but where should they go first? Operation HOPE could assist here as well, and Brooke was able to refer the couple to several lenders that work with entrepreneurs who were just starting out.

Five months later, the couple was thrilled when CDC Loans approved their loan. Five months after that, the food truck’s retrofitting was complete, it passed the required health inspections, and Maurice and Bridget held their first event at an automotive plant with 500 employees.

“I’m 51, and life has been challenging. I’m finally accomplishing a dream I’ve had to be an entrepreneur—it’s a blessing,” said Bridget. Maurice added, “the HOPE program is fantastic. Brooke is fantastic, she 100% made this happen. It’s discouraging when you have a dream and you can’t secure a loan—we didn’t know where to turn. Operation HOPE was a breath of fresh air, it literally gave us hope.”

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