The city often has an interest in lending money to small businesses that banks won't support in the inner city. Here, it depends. Of course not. Your best bet is to get the guy already in the ownership position, get him to step up to the plate. True, the bank, First Union, has the first mortgage on the property.
New Haven has the second mortgage.
But it has first mortgage on much of the equipment. Torneo also predicts that Nacca's profits will support the loan. But Torneo says he had to do that to be conservative. In fact, Nacca has had to spend his first half-year back in the business cleaning and gearing up more than making sales. Nacca says he hasn't made any profit yet.