Surviving the Crunch
We took to the streets to see how entrepreneurs are coping with the credit crunch.
Corey Llewellyn, 30, founder of New York City-based Digiwaxx Media, a multifaceted technology and media firm. Projected 2008 revenue: $1.8 million
"Banks just aren't giving small businesses the loans they need to thrive in the current economic environment. It's hard, and it's disheartening, but it's also the reality. In lieu of traditional loans, Digiwaxx Media has begun to shop our marketing and business plans to prospective clients. It is their sponsorship of our ideas and programs that will be used to fund these initiatives."
Lisa Williamson, 40, co-founder of UpSpring, an Austin, Texas-based baby-care products company. projected 2008 sales: More than $5 million
"The landscape and the climate today is more conservative. Financing took longer than anticipated, so we had to put some of our products on hold. We were really fortunate to [eventually] raise $2 million, which we were able to do through angel investors."