Many small business owners in California are thriving after tapping into low-interest Small Business Administration (SBA) financing programs.
In celebration of National Small Business Week (May 1-7), here’s a small business entrepreneur who took advantage of an SBA lending program to grow his company.
David Baron was burned out. He’d spent 20 years as a lobbyist in California and was hungry for a more fulfilling vocation. As serendipity would have it, Baron and his wife, Risa, were frequent patrons of a neighborhood farmer’s market where they discovered a small business called Jackie’s Jams. They fell in love with the multi-flavored products, as did their peanut-butter-sandwich-loving son, and offered to buy the company. The owner (Jackie, naturally) said yes.
Needing cash to buy Jackie’s Jams, the Baron’s turned to CDC Small Business Finance, which provided them a $40,000 SBA Microloan in 2011. “We took Jackie’s delicious products and overlaid our vision for something bigger,” said David Baron. Their jams are now in every Sprouts market in California, 27 Whole Foods stores and several high-end hotels.
The Barons’ microloan is nearly paid off now and the couple is thinking about leveraging another SBA loan to further expand and grow the company.