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Recovery Loan Keeps Business Going
“If you hear, ‘No,’ just keep going until you hear, ‘Yes,’” June Gold says.
Gold followed her own tenacious advice as president of GraphLogic, Inc., a Branford, Conn., high-tech software and program developer.
She was turned down for a $500,000 loan by a bank after her husband and company co-founder, Steve, suddenly passed away in July 2008. She looked elsewhere, but bank rejection continued.
The problem? GraphLogic didn’t produce “a product you could drop on your foot,” she said. “We weren’t a widget-maker, so they just didn’t get it.” Gold and her husband started the company with an SBA loan years before.
Despite contracts from two large pharmaceutical companies, Gold couldn’t get a loan to help her company while waiting for insurance to pay off the original loan. Gold still needed money to hire skilled staff and continue marketing her products.
Then she chanced upon a workshop at Gateway Community College in New Haven, where one of the directors told her to contact the Christopher Earle at the New Alliance Bank.
“As soon as we met, I knew,” Gold said. “They found a way to make it happen.”
GraphLogic finished 2008 with $1.2 million in sales.
With her $400,000 SBA 7(a) loan on May 19, Gold hired a seasoned sales person, and is expanding operations.