The Good Loaf
What do you get when you cross a skilled baker of artisan breads with a picturesque, farm-like setting? It’s The Good Loaf! Sole proprietor Matt Horwitz-Lee says he was committed to living the life of his family’s dreams, handcrafting sourdough, whole grain and other types of bread right on his home’s property. Having grown up in a restaurant family and with a background in food catering, Matt is now beginning to realize his bread-baking dreams. A local farm market is just one of several outlets where you find his fresh-baked loaves.
As an aspiring entrepreneur launching his own breadmaking business, Matt needed to scale up his kitchen significantly. “My goal is to deliver 350 loaves a week by end of year one and 500 loaves a week by end of year two,” he says. To accomplish this, Matt planned to convert his home’s attached garage into a commercial bakery. He considered financing his venture by selling off some personal real estate and tapping into his retirement fund. The thought of depleting his long-term assets did not feel good, according to the aspiring baker.
“My KeyBank team had experience working with food vendors, so they really understood my business, could see where I was going and believed in me.” – Matt Horwitz-Lee, Owner, The Good Loaf
While opening an account at his KeyBank branch, Matt was introduced to the idea of an SBA Express loan by his branch manager. Working together with KeyBank specialists, the team found just the right loan terms for the business, which split the financing between a small business term loan and a flexible line of credit. This gave Matt the ability to make large equipment purchases up front while reserving some spending power for later, if needed. The line of credit is almost like having an insurance policy because it does not charge interest unless it’s used.
With Matt’s SBA financing approved and his retirement nest egg preserved, The Good Loaf is full steam ahead, equipped with commercial ovens, mixers, coolers and more. Also supported by Key Merchant Services and a KeyBank Business Rewards credit card, the ambitious bread maker is already planning on expanding into tarts, cookies and bread pudding. “KeyBank’s expertise in my specific industry along with their genuine interest in my long-term success was the difference from other lenders,” smiles Matt. It appears KeyBank SBA expertise and support is just what The Good Loaf needed, any way you slice it!
To learn more, contact a local KeyBank Relationship Manager or visit key.com/sbalocations.
To learn more about The Good Loaf, follow them on Instagram @thegoodloafmaine