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When Calvin Copeland was seeking financing for his new cafeteria, catering operation and bakery on West 125th Street in Manhattan, he queried dozens of banks.
In most cases, he received back a form letter explaining that the institutions currently weren't lending to restaurants.
Stymied, he turned to the New York State Urban Development Corp. There he found a different reception and came away with a loan for $500,000, one of the largest the group has given.
Chase Manhattan Bank soon kicked in another $450,000. and Mr. Copeland put up the remaining $300,000 for the $1.25 million Copeland's Country Kitchen, set to open in the fall.
"I know I've got a lot to prove," says the restaurateur, the owner of Copeland's, one of Harlem's best-known restaurants. "I've got to show the banks that this can work."
Mr. Copeland, who has a seven-year loan agreement, is aiming to earn back his capital in two years. His optimism comes from a revival of pedestrian traffic on West 125th Street, sparked by a new state Department...
