Small biz credit crunch: In their own words
As banks clamp down on lending, companies are struggling to survive. Entrepreneurs around the U.S. wrote in to tell us how they're weathering the turmoil.
John Drummond - Not our best year
Amy and John Drummond
President, Banjo.com and Unicycle.com
Marietta, Ga.
Marietta, Ga.
Your CNNMoney article on the bleak outlook for small business was timely. After four years of steady online growth, Banjo.com's sales dropped for the first time in August 2007. To increase our presence in the community, we moved to a store inside a major shopping mall. The Christmas season was great, but our mall store wasn't able to generate enough extra income to offset the extra expenses. After eight months we moved back to our original location in an industrial park. We'll survive, but it won't be our best year.
Our sister company, Unicycle.com, continues to grow. There must be more unicyclists than bluegrass musicians, or my wife Amy is one heck of a unicycle CEO!
NEXT: Edward Solomon - Fighting for credit
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