Micro Loan Success Stories
Our Daily Eats
Paul and Caroline Barrett (pictured at right), partners and owners of Our Daily Eats in Albany, began producing and selling healthy snack foods in 2004. Using their own proprietary production and food prep practices, the business began making nuts, seeds, and granola snack mixes using fresh ingredients and foregoing the typical food additives. Selling these products at local farmers markets, the business slowly grew from a “side business” for the two partners into a full-time obligation. In 2010, the partners committed themselves to the business full-time and leased a commercial production facility to accommodate both increased demand and the introduction of product into wholesale/reseller markets.
In 2014, the company utilized the Chamber’s microloan program to secure a line of credit. The funding allowed Our Daily Eats to alleviate cash tied up in Accounts Receivable and create a stronger purchasing position in dealing with suppliers of raw materials. Says Paul and Caroline, “As we grew it was clear that additional capital was going to be needed to help drive the business. The world of commercial banking and loans can be daunting, we viewed ourselves like first time home buyers, but for a small business. We turned to John and the team at the Chamber to help guide us through the process and recommend loan options.”
Over the past five years, Our Daily Eats has successfully expanded its distribution and correspondingly grown sales. Our Daily Eats now produces and distributes for a wide variety of selling outlets. While much of the product is prepackaged in-house and branded accordingly, the business also sells “bulk” branded or unlabeled product to retailers and food cooperatives in the Northeast (who in turn sell ODE granola by the pound from large containers). The company has also formed strategic partnerships with well-known brands, developing customized granola recipes to pair with complementary products made by other large food manufacturers.
For more information on the Chamber’s micro loan programs, email email@example.com or call 518.431.1423.