In the News

Monday, January 06, 2014

A Lending 'Thaw'

CNBC ONLINE — A Lending 'Thaw' — by Heesun Wee

Small-business owner André Vener agrees. Vener is a partner in Dog Haus, which sells gourmet hot dogs. They have three locations in and around Pasadena, Calif., with expansion plans for 2014. Vener and fellow venture partners—veterans in the fine dining business—dipped into their own cash reserves and eventually their parents' pocketbooks to cover the cost of the three outlets. The owners launched three years ago, when the recovery was just gaining traction, and decided to bypass traditional lenders. "At the time, in 2010-11, banks really weren't lending," Vener recalled. "It was too much time, too much paperwork. It was pretty much hard to get a loan for a small business. It was a disaster." With three locations up and running now, and more than 40 franchises sold in more than three states, banks and other potential investors are courting Vener and his partners. "I believe it's a sign of our success, a sign of the economy and a willingness to lend," Vener said.