Welcome to the Community icarus! I'm very sorry to hear about your situation. It's not exactly what you were looking for, but SBA just announced a new loan program for business struggling due to the recession. This additional funding is intended to be used to help jump start your current business and may be helpful in dealing with your situation. You apply for this loan at your local bank but it would be guaranteed by SBA. For more information, take a look at this article about ARC loans. Does anyone else have any other suggestions or insight? Updated link. Message Edited by StuartR on 01-29-2010 06:37 PM

In addition to advice you have already received, talk to your local elected officials. If you are located in Philadelphia, contact The Merchant’s Fund. It is a Philadelphia nonprofit that gives grants to small business in crisis created through no fault of their own. http://www.merchantsfund.org/ I am sure that your city's mayor has a small business committee. Contact them. Also, contact your local business association. You are not the only business that has suffered from an anchor store's collapse. Make your situation known. States and cities also received portions of the stimulus package. Make every elected official and reporter in your area aware of your situation. It may also be time to change your business strategy. Contact the local Small Business Development Center (www.sba.gov). Every university and college has a center; its is funded with tax dollars. The SBDC will assign to you a business coach at no charge. You and your coach will develop a new game plan. Good luck. Sharmil McKee sm@mckeeoffice.com Business Lawyer McKee Law Office Philadelphia, PA www.MckeeOffice.com Message Edited by ChristineL on 10-13-2009 10:07 AM

Tough times means tough choices. The SBA program could easily help you - but will take time. You could re-fi the loan at another bank or non-bank lender. You could sell you space and move where there is more traffic. Or, you could increase your marketing - there are many weys of doing this without a lot of out of pocket expenses. Remember, all of these take time - Also, if you increase your marketing - remember that other people, not just business owners - are facing similar situations - offer then a solution - if you can provide a simple solution (using your goods and services) then they will come and tell their friends.

Thanks so much for responding - i am not in PA - rather a bit north-east.  This is how i am resolving the scenario   (1)  Called PNC bank again pleaded with them to lower my monthly payments - they said can't do because it is an arrangement with the SBA - however; they will consider a 6 month moratorium so i pay only interest rather than principal+interest.     (2)  Going online - working with Chase Paymentech to set up my online sales (also working on my website) - started on this couple of months - bought books and learned a lot and doing it myself - i do not want to pay some college kid $3500 for a website - so far i am very impressed with what i have done.     (3)  Contacted SBA (they have been extremely helpful) and gave me two local banks and asked me to talk to them to see if they can buy the loan from PNC and give me a better rate - if this works i will go with this than the moratorium crap.     (4)  I have also identified 2 locations - one less rent but near other shops - and one more rent but on main street.     (5)  I am parterning up with another guy to open a complimentary business one that can be independant of my store but can help my store - think of a shop that sells straws starting another shop that sells bottles that need straws.    What else - oh yes - i promised my wife if she does not leave me - once and if this is over - i will take her on a vacation.  

Tough times means tough choices. The SBA program could easily help you - but will take time. You could re-fi the loan at another bank or non-bank lender. You could sell you space and move where there is more traffic. Or, you could increase your marketing - there are many weys of doing this without a lot of out of pocket expenses. Remember, all of these take time - Also, if you increase your marketing - remember that other people, not just business owners - are facing similar situations - offer then a solution - if you can provide a simple solution (using your goods and services) then they will come and tell their friends.

In addition to advice you have already received, talk to your local elected officials. If you are located in Philadelphia, contact The Merchant’s Fund. It is a Philadelphia nonprofit that gives grants to small business in crisis created through no fault of their own. http://www.merchantsfund.org/ I am sure that your city's mayor has a small business committee. Contact them. Also, contact your local business association. You are not the only business that has suffered from an anchor store's collapse. Make your situation known. States and cities also received portions of the stimulus package. Make every elected official and reporter in your area aware of your situation. It may also be time to change your business strategy. Contact the local Small Business Development Center (www.sba.gov). Every university and college has a center; its is funded with tax dollars. The SBDC will assign to you a business coach at no charge. You and your coach will develop a new game plan. Good luck. Sharmil McKee sm@mckeeoffice.com Business Lawyer McKee Law Office Philadelphia, PA www.MckeeOffice.com Message Edited by ChristineL on 10-13-2009 10:07 AM

Thanks so much for responding - i am not in PA - rather a bit north-east.  This is how i am resolving the scenario   (1)  Called PNC bank again pleaded with them to lower my monthly payments - they said can't do because it is an arrangement with the SBA - however; they will consider a 6 month moratorium so i pay only interest rather than principal+interest.     (2)  Going online - working with Chase Paymentech to set up my online sales (also working on my website) - started on this couple of months - bought books and learned a lot and doing it myself - i do not want to pay some college kid $3500 for a website - so far i am very impressed with what i have done.     (3)  Contacted SBA (they have been extremely helpful) and gave me two local banks and asked me to talk to them to see if they can buy the loan from PNC and give me a better rate - if this works i will go with this than the moratorium crap.     (4)  I have also identified 2 locations - one less rent but near other shops - and one more rent but on main street.     (5)  I am parterning up with another guy to open a complimentary business one that can be independant of my store but can help my store - think of a shop that sells straws starting another shop that sells bottles that need straws.    What else - oh yes - i promised my wife if she does not leave me - once and if this is over - i will take her on a vacation.  

Welcome to the Community icarus! I'm very sorry to hear about your situation. It's not exactly what you were looking for, but SBA just announced a new loan program for business struggling due to the recession. This additional funding is intended to be used to help jump start your current business and may be helpful in dealing with your situation. You apply for this loan at your local bank but it would be guaranteed by SBA. For more information, take a look at this article about ARC loans. Does anyone else have any other suggestions or insight? Updated link. Message Edited by StuartR on 01-29-2010 06:37 PM