“Starting from a business incubator gave us the opportunity to test our products and build clientele, but we quickly outgrew the space,” explains Colleen Orlando, co-owner and lead baker for Little Loaf Bakeshop in New Paltz, NY, about their start in 2022. “Thanks to the financing we received from Pursuit, now we’ve got our dream bakeshop and café.”
Co-owner Rian Finnegan adds that, as an LGBTQ-owned business, “In addition to offering phenomenal vegan baked goods, we want this to be a safe space for the queer community and all who visit. Here, everyone can relax, connect, and enjoy themselves and great food, too.”
Here’s how two loans from Pursuit are helping them realize their dream as they serve the New Paltz community and enthusiastic customers throughout the region through wholesale clients and participation in farmers’ markets and festivals.
Perfecting vegan baked goods for all to enjoy
“People are amazed that vegan baked goods can be so flaky and delicious and it’s hard to find something comparable,” Rian says. “We even take pre-orders for the festivals and farmers’ markets because our regular customers don’t want to miss out.”
Soon after launching the business from a shared kitchen space in Poughkeepsie, Little Loaf’s signature baked goods, including laminated savory and sweet pastries, earned a loyal following in the Catskills and Hudson Valley in New York State and beyond, including Massachusetts. This made working from a shared space challenging.
“We had to break-down and store our equipment and ingredients every day, so it took an hour just to get ready to start the process of baking, which was really inefficient,” Colleen explains.
Getting the business side right
Colleen and Rian worked with consultants from The Acceleration Project (TAP) to strengthen and refine key aspects of running their business, from financial management and projections to product pricing and human resources.
Rian says, “At first it was challenging because when you’re new to running a small business, you don’t realize the mistakes you’re making as you move ahead. Our TAP team helped us dig in and establish good business practices.”
Colleen agrees, saying, “As an example, we didn’t realize that we were underpricing our baked goods pretty significantly. TAP taught us how to analyze every aspect of our business to make better decisions without compromising our vision and quality. And there was no question that we needed our own space to enable this to be a profitable business but, to do that, we needed financing.”
It was the TAP team that recommended Pursuit for financing.
Securing two loans from Pursuit for growth
Colleen and Rian found their ideal location on Main Street in New Paltz. Colleen says, “We have a great landlord who gave us the opportunity to work with her as she built out the space, including the bakery, a café kitchen, and the public spaces.”
To finance the project, they worked with Pursuit Vice President Nicole Deyo, who encouraged them to apply for two loans – an SBA 7(a) loan for furniture, fixtures, and equipment (FF&E) and the build-out and an SBA Microloan for working capital. SBA 7(a) loans are available up to $5 million and SBA Microloans are available for up to $50,000 and a range of uses.
“Going into the applications with the preparation from TAP helped a lot,” Rian says. “And Nicole and the Pursuit team were our champions throughout the process. It was Nicole who encouraged us to apply for two loans, instead of one, and that’s made a huge difference. Financing was essential for the things we needed for the bakeshop, like equipment and furnishings and now, because we also have working capital on hand, we’ve got the flexibility to add new revenue lines, like catering, which we’ve just launched.”
“We were approved in just about 10 days,” Colleen adds, and the funds were available to them within about a month. Today, they have about 18 employees, with six bakers and a strong team of managers. Colleen leads all things product, including development, ingredient sourcing, and production operations, while Rian focuses on branding, outreach, marketing, and other business logistics.
As Rian says, “They bake great stuff and I promote it!”
Building roots in their new community
“We’ve met a lot of supportive small business owners here in New Paltz and as a queer-owned business, these relationships help create a feeling of welcome and security for us and for our customers,” Rian says.
Colleen adds, “Owning and running a business is great, but it’s also challenging and sometimes isolating, too. These relationships feel so important now and we’re so happy to be here.”
Pursuit helps entrepreneurs realize their dreams
If you need financing to launch the business of your dreams, to relocate or expand, or to help you strengthen and grow, Pursuit can help.
With loans from $10,000 to $5.5 million, we can help you secure financing for working capital, equipment, the purchase or construction of commercial real estate, to refinance business debt and more for businesses in New York, New Jersey, Pennsylvania, Connecticut, Nevada, Illinois, and Washington. And our Business Advisory Services are available to you as a Pursuit borrower to help you succeed. Contact us to learn more.
