Acorn Takes Root With Help From SBA

The opening of Acorn Books [1] in Dover, Delaware, earlier this month [2] was made possible with help from YWCA’s Women’s Entrepreneurship Division [3]and SCORE [4]— community resources funded in part by the U.S. Small Business Administration [5] (SBA). Owners Ginny Jewell and Marie Shane credit the organizations with being an integral part of their business launch.

Acorn ribbon cutting ceremony

Jewell and Shane originally heard about the business preparation and consultation services available through YWCA from the Economic Development Office and Downtown Dover Partnership. The prospective bookstore owners then sought out a representative from SCORE “in order to have a balanced look at things,” said Jewell.

She and Shane were placed with Herb Konowitz, the former president of the Delaware Chapter of SCORE, who was starting a class through the local community college about writing business plans. Konowitz gave the Acorn owners a copy of the curriculum and pointed them in the direction of the Dover Federal Credit Union (DFCU) for a loan.

Bobbie Schmittinger of YWCA became the business owners’ “editor,” as they worked with Lynne Schaefer at DFCU. Schmittinger, who had worked with Schaefer in the past, helped them structure their business plan in a way that made it a quick and easy read for Schaefer. Schmittinger also sent them a spreadsheet for projections.

“The projections have become a cornerstone in our planning and strategizing. We know when we are meeting our goals and where we need to worry,” said Jewell. “We also know what we need to make each day to meet our projections.”

Since two major chain bookstores in the county had closed in the past year, Jewell and Shane figured the bank would be hesitant to lend to a bookstore. “Then a few things happened,” said Jewell.

Their SCORE and YWCA representatives spoke to DFCU’s Schaefer and bolstered their assessment of the state of the book industry. Shortly thereafter, Schaefer called Acorn’s owners to set up a meeting.

In anticipation of the meeting, “we reviewed our business plan over and over again,” said Jewell. “We steeped ourselves in the knowledge and then we were ourselves in the meeting. We were prepared for war.”

After their presentation, Schaefer introduced the business owners to the Delaware Economic Development Office (DEDO), which committed to a participatory loan.

“I’ll be honest, the loan amount was not that big, but the fact that it was federal money made a huge difference in our opening,” said Jewell. “DEDO handled the ribbon cutting and the guest list for the cutting. Since it was federal monies, we invited the federal delegation. The governor spoke, two senators spoke, and so many people showed up.  It was a huge success!  Plus, we were on the cover of the paper six times during this process.”

Acorn is continuing to work with SCORE, YWCA, and DFCU on different aspects of their business.

“The old adage is true,” said Jewell, “it takes money to make money.” And while these organizations were fundamental in bringing Acorn Books to fruition, she said what it really takes is the people behind the organizations, and other people along the way, to believe in a business. “Nothing could replace the main thing that got people on board: our passion for our industry, our amazing staff, and our devotion to literacy.”