“The loan experience was great,” says Dave Gardingham, co-owner of POPularity! Soda Popcorn Culture, a new fast-casual spot that’s opening in spring 2025 in the Elmwood Village neighborhood of Buffalo, NY. “It was much less intimidating than I expected!”
Here’s how Dave and his husband and business partner, Mike, secured financing from Pursuit through the Main Street Capital Loan Fund – a program that provides funding for startups and new businesses – with additional support from the Buffalo State University Small Business Development Center (BSU SBDC).
An idea evolves into the launch of a new business
Dave and Mike had been meeting with the BSU SBDC team for about a year to gain guidance on their business plan for their startup business.
“When we first met with the SBDC, I had a lot of ideas but nothing resembling a structured business plan,” Dave admits. “I Googled a lot of examples, but that gets overwhelming quickly because you don’t know what’s really important. The SBDC made it so much easier.”
With the help of their SBDC team, Dave and Mike created a business plan for POPularity! Soda Popcorn Culture, where they’ll celebrate all things pop culture while serving custom-made popcorn and sodas, as well as specialty baked goods from a local bake shop.
For Dave and Mike, bringing their plan to fruition would take funding, which they didn’t have – yet. The SBDC team recommended they reach out to Pursuit and explore the Main Street Capital Loan Fund for startups.
The Main Street Capital Loan Fund for new businesses
Recognizing that financing is difficult to secure for small businesses in the startup and early stages, the Main Street Capital Loan Fund was developed by Empire State Development and offered through Pursuit to fill the funding void for small businesses in New York State.
The $10-million loan program provides financing up to $100,000 for startups and early-stage businesses, including those in communities that have historically faced challenges in obtaining financing or favorable terms. The loans can be used for working capital, acquiring equipment and other essential assets, staffing, and more.
Another tremendous benefit is that the loans include a fixed interest rate and borrowers only have to pay interest, not principal, for the first year of the loan. The Main Street Capital Loan Fund features less-than interest only payments in the first 12-months of the loan. This frees up more money each month to reinvest in their businesses.
“The startups that we work with typically want to scale slowly and need smaller loans to help them get off the ground,” says Marilyn Roach, Senior Business Advisor and Financial Specialist at the SBDC.
Securing financing, moving forward
The first step in the Main Street Capital Loan Fund program is to fill out an online pre-application questionnaire to verify eligibility. Dave says that his experience with the entire application and loan process was positive and that the application was smoother than he anticipated.
“The online portal for the loan application was really straightforward. It’s set up well and easy to use,” he says. After he completed the pre-application questionnaire, Pursuit Business Development Officer Ethan Ruot was soon in touch. “Once Ethan contacted us, it became effortless. This is the first loan that I’ve applied for and I’m really happy that we got it.”
Dave and Mike learned that they were approved for financing soon after applying and put the funds to work right away.
“We’re using loan funds for leasehold improvements, electrical work, and all that,” Dave says. “The interest-only payments will help immensely. It means that as we launch, we can put more money into the business and make it what we envision. It also boosted our confidence – I feel empowered to launch the way I want to for short- and long-term success.”
“The opportunity for interest-only payments is imperative for small businesses, especially those that are just launching or in the earliest phase,” says Andrea Lizak, BSU SBDC Associate Director and Business Advisor. “It enables them to stay on their feet and focus on strengthening and growing their businesses. The Main Street Capital Loan Fund offers this for entrepreneurs and that truly sets it apart – it opens the door for people who want to start a business.”
Pursuit and Main Street Capital Loan Fund: Turn your business ideas into your reality
With the opening of their new business right around the corner, excitement is building in the community for POPularity! Soda Popcorn Culture. “We wouldn’t be here without the SBDC, Main Street Capital Loan Fund, and Pursuit,” Dave says.
If you need funds to launch, or you want to strengthen your early-stage business, or you have an existing business that’s outside of the Main Street Capital Loan Fund’s criteria but you need financing, 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. Contact us to learn more.
