Generally, by the time someone gets invited on a show like this they’ve figured out how to tell the story of their business in a way that makes their journey seem like a steady climb from humble beginnings to current success. In telling these histories, entrepreneurs will talk generally about setbacks, but they don’t typically elaborate on specific obstacles. Like, for example, this scenario: Suppose you’re a startup entrepreneur with a new product, and you get the call you’ve been waiting for, from Walmart, with a giant purchase order. Now, instead of spending $10,000 on raw materials, you’ll need $200,000. Your shipping costs are going to go from $5,000 to $50,000. And you’ll need 10 more people to pull this off, which is $1m in new salaries. You can borrow this money, no problem, right? You’re going to be able to pay it back - you have the Walmart purchase order to prove it. But you discover that no traditional lender, like a bank, will lend you money unless you’re (a) profitable and (b) have 2 years of receipts. You don’t qualify in either of those categories. So, what do you do? Well, one option is you go to a national company that’s headquartered here in New Orleans, called Republic Business Credit. Republic Business Credit specializes in what’s called Accounts Receivable Finance. Basically, they will loan a company money based on a purchase order – up to $20 million. Or, in a practice called "factoring," they’ll buy the purchase order off a company – minus a fee – so the company gets cash immediately and when the purchaser pays the invoice, the payment goes to Republic Business Credit. Leigh Guglielmo has been helping companies finance their business at Republic Business Credit since 2011. Today she’s the company’s Senior Vice President of Business Development. Another thing you hear a lot about in a typical startup success story is, the Power Point pitch. Andres Barcelo and his wife, Ashley Webb, moved to New Orleans in 2017 to be closer to Ashley’s family. Three years later, when they had their lives derailed by the pandemic, Andres and Ashley started gr owing vegetables in their 9th Ward neighborhood. When they discovered that okra, beans, cucumbers and peppers grew well, they grew more of them. Till they had so much that someone suggested they could start a farmers market. So, they did. Then they began adding products from other local folks - like bread, hand pies, candles, soap, pickles and jam. And before you know it – without a single Power Point presentation – Andres and Ashley had built a business. Today you can find Barcelo Gardens Fresh Market most days of the week in varying locations, including their flagship location on Piety Street in the Upper 9th Ward, and at pop-ups and markets in The Irish Channel, The Marigny, Harahan, and Napoleonville. There’s a saying people use in general conversation to describe how today is pretty much like every other day: “Business as usual.” Interestingly, you don’t hear a lot of people in business saying that. Mostly because business is typically anything but business as usual. There’s almost always an obstacle, a wrinkle, a problem to solve. Leigh is in the business of solving the biggest problem of them all for most businesses – operating capital. And Andres' business is dependent on the most fickle of all fundamentals – the weather. One thing they have in common is, without a lot of fanfare, they’re both doing something vital for our local business community, and community in general. Out to Lunch was recorded live over lunch at Columns in Uptown New Orleans. You can find photos from this show by Jill Lafleur at itsneworleans.com. See omnystudio.com/listener for privacy information.
