A credit union helped a small-time baker grow from delivering home-baked goods to parties and weddings to placing Bundt cakes on regional grocery store chain shelves with a microloan of less than $50,000.
That's what the $156 million JetStream Federal Credit Union in Miami Lakes, Fla., did when it approved a $15,000 loan to help a business member manage cash flow as he waited for payments from clients, said Jeanne Kucey, president/CEO.
The member already had a line of credit with the credit union and was recently approved to additionally finance a delivery van and more equipment. The baker is also in the process of hiring more employees to provide cakes for distribution at the Lakeland, Fla.-based Publix Supermarkets Inc., which has nearly 1,100 stores in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee.
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