Case Study Analysis 2: Sweet Suecess -Gelato Fiasco Scoops Up Finaneing Bentley University graduates Josh Davis and Bruno Tropeano were determined to discover the traditional practices and techniques for making Italian gelato. They researched the products and experimented with imnovative flavors, eventually creating recipes for over 1,1000 lavors. After submitting 22 applications to banks for loans, they received funding from Camden National Bank to bring their "Italian ice cream" to Brunswick, Maine. They opened a retail shop in 2007 and began to build wlsolesale distribution at that time. Four years later, Josh and Bruno had the knowledge, skill, and experience to creste delicious gelato treats and to operate their business and were ready to take the business to the next level. They decided to expand into Portland., Maine, and spent eight months searching for the best location. They found that kocation, but one critical ingredient was needed to bring their dream to reality-money The owners of Gelato Fiasco had built a banking relationship, including loans that they repaid with a lender. They went to the bank with their proposal, toured the site, and roceived encouraging feedback. Josh and Bruno signed the lease and began leasehold improvements only to have the application rejected due to insufficient collateral. They were astonishei ard greatly disappointed. Over the next eight weeks, they were turned down by five or six othes banks, and they reached a point where the funds were needed quickly Fortunately, they found Coastal Enterprises, Inc. a Maine-based Community Developmes Financial Institution that had received loan funds through Create Jobs for USA, a partnersh of Starbucks and the Opportunity Finance Network. It took two weeks from application approval, and Gelato Fiasco had S140,000 in financing that it needed. In addition, Josh ar Bruno tapped the Maine Seed Capital Tax Credit Program to acquire some S600000 private investments for company growth in 2012 Gelato Fiasco has been recognized with the Empact 100 Award, the James Beard Foundatio the Associated Press, Food Network magazine, Everyday with Rachael Ray, and various "Be ofcontests. They have two locations in Maine and sell their gelato and sorbetto to customer throughout Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermon They also have a mobile unit for catering. With the right financing. Gelato Fiasco is experiencing the sweet taste of success 1. Why did Josh and Bruno turn to Coastal Enterprises as a source of capital for the 2. Did the Maine Sed Capital Tax Credit Program provide 100 percent of the financing? not, how much did it provide? How do you know? 3. What factors made Gelato Fiasco a business that did not qualify for mainstream financing (specifically discuss the C's of credit)? 4. Discuss the financial support offered by Coastal Enterprises to Gelato Fiasco