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Start-up Funding - A Nice Wee Story!
After the fire disaster there was another financial nightmare when the insurance company, after a long battle, paid out only a pitifully small settlement, leaving Bill with large personal losses. The determination that this kind of venue could work again kept him going though, and when the prospect of starting up in this room came up, it began to look promising. However, there was a problem - no money! The room had been neglected for three years and needed a lot of work to bring it back to life. Cash was required to pay for builders, electricians, plumbers, furniture, stage equipment, bar equipment, lighting, signage, etc, etc. And there was no money around.
Here's where the Angels stepped in! A small number of individuals who knew and had loved the previous Bridge Jazz Bar offered to loan some personal funds to provide the vital startup funding. No shares, no equity, just a personal loan to the Company, on trust, to be repaid as and when the venue became successful.
This wonderful Jazz Bar would simply not be here, but for the generosity of that small group of individuals who have lent their hard-earned cash to enable the start-up. These people have realised that their money will work better for them supporting an active jazz operation, rather than just sitting in a Bank, making dosh for the Corporates.
Heartfelt thanks are expressed to those seven individuals (they wish to remain anonymous) without whom we would not be here!
Now isn't that a nice wee story?
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