This loan will help Frank grow his basil farming and distributing business.
Frank, a retired veteran, has always had an entrepreneurial spirit. After working as a stockbroker for twelve years at Merrill Lynch, Frank decided it was time to pursue his passion for gardening and spend more time at home with his four children. Three years ago, Frank began harvesting and selling basil plants out of his backyard.
He buys basil seedlings and nurtures the plants until they are three to four feet tall. Once the plants are able to be plucked and used regularly with little maintenance, Frank sells them on consignment to markets, food stands, and retail stores. Although the business began informally, Basil World quickly gained popularity, and Frank found himself with a growing number of clients and buyers.
Frank recently has been presented with the opportunity to sell his basil plants to five Market Basket stores throughout the Northeast. This contract would allow Frank to quadruple his sales over the summer. However, in order to meet this demand, Frank needs money to purchase as many seedlings as possible and to hire additional employees. This loan will help Frank fulfill this large contract and continue to grow his basil business.