February 2, 2010

Small business loans

Those stories on the radio and in the papers have new meaning. I have some news from the front lines of small businesses looking for loans.

Bank of America told me flatly absolutely no lending to any business less than 2 years old. Of course this seems ridiculous. I mean, any new company, any entrepreneur trying to hire folks and build out of this mess we’re in is going to be running a company less than 2 years old. To be clear, this is regardless of the loan type, amount, credit history of applicant, level of collateral. It just doesn’t matter, they will not consider you for any type of loan. I’m not up to date on the latest, but I think I recall Bank of America took more than a few dollars out of my pocket with that whole bail-out thing. And if I recall I think we’re offering them near zero Fed rates right now…

Cambridge Trust on the other hand is an entirely different story. First and most important they are eager to see us succeed and grow and very happy to sit down and talk about how our relationship might develop. Second, Cambridge Trust is actually willing to lend us money. We’re going to use it to help outfit the new store. It’s going to be a modest loan assuming we can work out all of the details, we’ll offer collateral, etc. But they actually want to help. Night and day.

Recent Posts

December 10, 2023
What would we serve if we had all of you over for Christmas dinner? This (epic) box, available only for Christmas, is an homage to the holiday traditions of our Clover staff. And like all Clover boxes, it supports our hardworking Massachusetts farmers, millers, bakers, and cheesemakers. This box is designed to feed you and keep you properly festive throughout a week with different meals/snacks, and can also be laid out all together on a holiday table as one big feast.
December 4, 2023
These sweet potato latkes date back to early days on the Clover food truck. They’re so yummy and the sweet potatoes lend them such a fun golden color. They’re probably the most popular item in our Hanukkah Meal Box, which you can get delivered on December 7th. Inside the box you’ll find: 
November 29, 2023
I’m writing to share some news: we’ve decided to permanently close CloverROW, our outpost in the Assembly Row neighborhood of Somerville. The closure of this restaurant is part of the whole company’s focus on reaching financial sustainability and positioning us for future growth. These decisions are really hard, but they’re necessary steps for us to simplify Clover. And, happily, all the amazing staff at CloverROW, including the manager Joe, will be able to move into other Clover restaurants. The math is straightforward…
November 21, 2023
Hope everyone has a great Thanksgiving. We will be closed Thursday 11/23 at all locations. For our kitchen team, it will be a good chance to rest after prepping a ton of Brussels casseroles for our Thanksgiving Box : ) As for the days surrounding Thanksgiving, we’ll be open normal hours, except for CloverFIN (Financial District) and CloverHSC (Harvard Science Center) which will be closed tomorrow and Friday. CloverHSQ (Harvard Square) will be closing early (at 8pm) tomorrow. 
November 16, 2023
I’m not a big believer in multitasking (which, in my experience, is doing a bunch of things simultaneously and badly.) But there’s a lot going on at Clover right now, so I had to break my No Multitasking Rule on Wednesday. I asked Michele and Greg on our Finance team if they’d mind if I took myself off video during a meeting to review Accounts Payable. “I have to draw a cartoon Delicata Squash,” I explained, reasonably.
November 16, 2023
Some of you have been asking for a sides-only box – and it’s true, sides are the best part, aren’t they? We’re making a limited number of boxes with mashed potatoes, gravy, stuffing, cranberry sauce, and King Brussels’ Casserole. Each Sides Box serves 6-8 people and can be delivered to your door for 11/21 or 11/22. 
November 9, 2023
The moment you’ve waited for is here. Western Mass Brussels sprouts are back in the restaurants, which means the King himself has landed! What’s on this glorious sandwich and why is it the King of all seasonal sandwiches? A dijon-mayo spread, smoked Grafton cheddar, fried Brussels tossed with za’atar (a Middle Eastern spice blend), pickled red cabbage, and toasted hazelnuts.
November 6, 2023
On Friday we had a company meeting with all our leadership to talk about a decision we’ve made about the future of Clover. We are all focused on putting Clover on solid financial footing so we can continue to make the food you love for many years to come. COVID changed everything for restaurants like us. The way we eat, drink, work, and get together has shifted substantially and, while Clover has seen a steady recovery in sales…
October 29, 2023
Julia here. Today, October 29, is Clover’s birthday! 15 years of perfect pita, crispy chickpea fritters, countless sandwiches that cycle with the seasons, and of course the occasional birthday cupcake. How lucky are we? Although I’ve been working at Clover for a year and a half, this was my first week as CEO. I’m excited and honored to be stepping into this role. I’ve been a Clover enthusiast for a long time – since my first taste of a Blue Oyster Mushroom sandwich as a grad student in 2013. As COO and now as CEO…
October 26, 2023
If you stop by tomorrow (Friday 10/27) around 11am, you might be treated to a bit of Clover history in the form of a carrot cupcake with buttercream frosting. One per paying customer, while they last! And they may not last long : )
October 26, 2023
A bunch of you have been asking, and yes, we are doing a Thanksgiving Box menu again this year, with all the favorites from years past – Hubbard Squash glazed with maple-Sriracha butter, mashed potatoes, gravy, Ayr’s dad’s walnut-mushroom patè, stuffing – there’s even a limited run of Petsi pies. Free delivery to your door if you’re within 30 miles of us. Click here to reserve yours.
October 22, 2023
I’ve recently asked somebody who believes in Clover as much as I do to step into the CEO role. Julia Wrin Piper has been Clover’s COO for the past 18 months and will take over running the company day-to-day. I’ll be shifting my efforts to provide support for Julia and the team, work on growth opportunities, and pursue partnerships that will amplify Clover’s mission. I’ll remain a member of the Board of Directors and active as an advisor and mentor. Clover is facing a potent mix of opportunity and challenge right now and I know Julia is exactly the right person to lead the team through these twists and turns.