Financing a First-Time Entrepreneur

Divine discovered Alex's Pilipino store when she was searching for familiar snacks, ingredients, and a taste of home. She had immigrated from the Philippines in 2015 and moved to Vancouver, Washington in 2016. Alex's Filipino store was an important connection for her — along with her church — as she built a community and a new life.  

Divine learned the store, which has been a community hub for almost 30 years, was for sale through a mutual friend of the seller. The seller felt that Divine, of all the buyers who inquired, had the drive and motivation to maintain and keep the store running. The previous owner worked closely with Divine, helping her create cash flows, introducing her to suppliers, and teaching her how to run the business.

When Divine sought financing, she was turned down by a bank. The bank recommended that she use the Lender Match tool on the SBA’s (Small Business Administration) website. It was there that she discovered Craft3 and reached out using our online inquiry form.  

Craft3 worked with Divine over several months, helping her understand all the details of the loan application process and ensuring that a loan was likely to help her succeed in her new venture. Craft3 was able to offer Divine a loan despite her imperfect credit score, limited collateral, and initial unfamiliarity with financing.  

Reflecting on her experience, Divine notes, “The process was longer than I thought it would be, but Craft3 was clear about expectations and the timeline every step of the way. My lender really took the time to learn about me, ask questions, and explain anything I didn’t understand. It was hard work, but very worth it!”