Term Loan Restaurant Finds the Best Recipe
Author: Casey Marie Long
Date posted: 06.08.21

In Louisiana, a small mom-and-pop restaurant had been serving local customers for over 40 years. The recipes, staff, and menu were nearly identical today as they were when they started the restaurant. The rural location was regularly visited by the same local clientele. A positive review in a regional newspaper led to a huge influx in business.

The couple who owned the restaurant realized they must make upgrades to meet ADA regulations. However, they never had the funds to make the changes, and their local customers weren’t complaining. The influx of new patrons led them to understand the urgency of making upgrades and repairs proactively, avoiding potential complaints. Business was booming due to the new customers, but they felt anxious about potential issues. They had heard about several other small, local businesses facing lawsuits over non-compliance.

Restaurant Finds the Best Recipe Term Loan

Upon discovering a local contractor well-versed in the required upgrades and compliance regulations, they faced the sole challenge of dealing with the substantial upfront cost associated with these improvements. Engaging in thorough research, they eventually realized that their best course of action involved obtaining a bank term loan. As a result, they moved forward with confidence, fully prepared to implement the essential enhancements to their restaurant.

The quote for repairs was over $80,000 and the couple knew that there would likely be overages on the project. They took out a loan for $110,000 with a 4-year term to keep the required payments as low as possible. The upgrade project took 8 weeks and they had to close the restaurant down a few days. After the project was done, they had a grand reopening and a party for their regulars to show off their upgraded location.

 

The restaurant was compliant and the couple was sleeping easier at night knowing that they were providing the best service for their customers.

Restaurant Finds the Best Recipe Term Loan
About The Author | Casey Marie Long

Casey has 12 years of technical writing experience. She is also a CPA and bookkeeper. Casey graduated from the University of St. Thomas (Minnesota) with a B.A. in mathematics and currently resides in San Diego, CA.

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