One Small Business Is Booming. So Why Can’t It Get a Loan?

The Journal.

The Wall Street Journal

Daily News, Business News, News

4.2 • 5.3K Ratings

🗓️ 15 June 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

Tamara Keefe, owner of Clementine’s Naughty & Nice Creamery in St. Louis, says she moved forward with plans to open two new ice cream shops based on her bank’s assurances it would provide loans. But she says the bank moved slowly, and now she’s running out of cash. WSJ’s Ruth Simon discusses why many local banks are tightening lending standards and what that could mean for small businesses like Tamara’s. Further Reading: - Banks Raise Roadblocks to Small-Business Loans Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, how are you?
0:07.0	Awesome, awesome.
0:08.0	Welcome to New York.
0:09.0	Welcome, thank you.
0:10.0	I'm really sorry.
0:11.0	That's Tamara Keith, greeting customers last week at the opening of her newest ice cream
0:19.0	shop in Edwardsville, Illinois.
0:21.0	It's her eighth store in the region, and it was packed.
0:27.0	Tamara's company, Clementine's naughty and nice creamery, is based in St. Louis, where
0:32.0	she lives.
0:33.0	Eight years ago, I started in my kitchen, and it's just, it's kind of, it's kind of mind-blowing
0:41.0	still.
0:42.0	I'm sitting here and I'm looking around and I'm like, wow, I can't believe this is my life.
0:49.0	Clementine's is known for its gourmet and unusual flavors, including what Tamara calls
0:54.6	the naughty side of the menu.
0:56.0	We have a pink champagne sorbet, chocolate cavernet.
1:00.0	If you like classic cocktails, we have our Manhattan, of course.
1:04.0	And then on our nice side, we have, you know, a very St. Louis classic, our Argooy Butter
1:09.4	King ice cream.
1:12.8	Things seem pretty sweet at the grand opening.
1:15.8	There were long lines and happy customers, and Tamara says there's a lot of demand for
1:20.5	her ice cream.
	...

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