Prakhar Olives

"I am overwhelmed." That is Theo Stephan's reaction to the outpouring of support she's received since we profiled her today (see video clip below).

Stephan IS America. The daughter of a Greek-American mother and a Macedonian immigrant father, she was taught to believe anything was possible here. "They really--my dad especially--were the first ones to stand up at ballgames and make people stand and sing the National Anthem."

An entrepreneur she says from the age of six, she built her own ad agency in Ohio, then sold it 12 years ago to pursue a dream--grow olives in Los Olivos ("the olives") in the heart of California's Santa Ynez Valley. She created Global Gardens, a company that now creates 40 different food products--gourmet mustards, special vinegars she creates with help from her two teenage daughters, and, of course, olive oil. She planted 2,000 olive trees among the valley's famous vineyards.

She also launched a food club and a website: www.oliverevolution.com.

"I've got this plan to expand it into a really well-known Harry & David food brand," she says, adding that she's written up a 25-page business plan with the help of a friend with a Harvard MBA.

A year ago she finally turned a profit. Then came a blurb in Sunset Magazine, and demand started to escalate. So Stephan applied for lines of credit at four local banks, hoping to qualify for $250,000. At first, the banks were excited.

Then they wouldn't return her calls. Utter silence. One bank did agree to lend to her, but the day before she was supposed to get the money, it demanded she put $50,000 in a CD--money she needed to instead put into the business. No deal.

This is just a very small example of what experts threaten will become a big problem if credit truly freezes up.

• Restaurants Take Credit Hit, But Leases Improve
• CNBC Poll: Have You Had Trouble Getting Credit?

But a funny thing happened today. The story about Stephan aired, and her phone started ringing. Offers from all over the country poured in from private equity. People clearly have money and want to park it somewhere. She even heard from some very recognizable people (including a billionaire) who won't be named at the moment--don't want to blow the deal!

But one call from a small businessman in South Carolina made her cry. "Wish you the best of luck, I just had to call," he said on the voicemail. He then went on her website and joined her food club in a show of support.

Theo Stephan says she'd been feeling alone as the banks turned their backs on her. Not so now. "Maybe the American Dream survives," she says.

By the way, one of the banks which rejected her just called. They want to talk.

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