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Take a Lesson

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  • Posted on 23rd Sep, 2022 04:16 AM

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This story appears in the October 1999 issue of Entrepreneur. Subscribe »

Last month, we met Rosemary F. Gozdowski, an ultrasoundclinic owner in Sylvania, Ohio, who's endured more than hershare of missteps and misfortunes in her loan history. Despiteinitially having strong credit and collateral, Gozdowski has beenturned down by countless banks and small-business investmentcorporations. Although Gozdowski successfully secured a $50,000loan, she failed to negotiate for longer terms, which would havemade her payments more manageable. Later, she hooked up with adifferent bank that was subsequently put under a cease-and-desistorder by federal regulators.

Doug Hood of Rainmaker Capital Corp., a former banker who nowowns a loan-packaging and business-coaching service, reviewedSylvania Ultrasound Institute & Men's Health Center'ssituation and said he'd only heard of one case worse thanGozdowski's in his 18 years of lending. What wentwrong?

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