Case Study on La Concha
You are the owner of La Concha, a Cuban cuisine restaurant in Manhattan that has done well for the last couple of months. Now that you think about it, it has done well for the last couple of years with steady growth, strong ratings and positive reviews. So there hasn’t been any talk of needing to take out a loan or acquire money in any way. However, all of a sudden you realize that the business is doing so well, you could open a second spot. Now you are going to need some financial help. This is when you call 888-237-6920 to talk to one of our business funding specialists here at Z&R, we’ll walk you through our terms and procedures and get started on helping you achieve your dream. This is how it could potentially work out.
Securing the New Location
The first thing you think of is that you need to buy some real estate, the literal place. Someplace not too far away, now you are in Harlem, so perhaps a new place way downtown in The Village. This is an exciting time, you get to look at available places and imagine your business in them. Once you start looking at the prices, however, it becomes a lot less fun. You would have to take out a loan, which you expected, but at rates you certainly did not expect. You also got a very high quote from the utility company you hired to set the place up. With this in mind, you are beginning to worry that the new place could potentially go very wrong and put you into bankruptcy and ruin all the hard work you’ve put in up to this point. The risk of it all is starting to scare you. A term loan from Z&R would be great for this. We can get you up to a million dollars (based on your gross sales) without any liens on your home or business and with no personal guarantees of repayment. With this loan you can make the first steps in developing the restaurant.
But Your Credit Sucks…
You just remembered that the last bank loan you took out in the name of La Concha completely ruined your credit, and that you haven’t taken any steps to increase it, meaning that your credit score is very low, and you know you won’t meet the requirements of a typical financial institution. That is why you haven’t truly considered outsourcing for financial help. However, because Z&R strongly believes in building long-lasting relationships with our clients, we can offer you our credit repair service and work with you until we can approve you for the amount that you need to secure the new place and essentially put a down payment on the future of the sequel restaurant.
Fixing It Up
Now you have the new place in Greenwich Village across the street from a super cool jazz club, and even though the previous owner warned you that it was a bit run down, you are ecstatic. You even asked someone to cover for you today so you could come in with the inspector and try to figure out what needs fixing. As he walks around problems seem to pop up everywhere. The plumbing’s broken, the windows are busted, and he found mold under the floor boards. This is when you begin to realize that it would be great to have a pool of money that you could tap into at a moment’s notice for any little problem that pops up. Well, since you’ve been in business for more than 2 years, have a good credit score and gross more than $100,000 per year you conveniently qualify for Z&R’s line of credit. This means we can get you a true revolving line of credit that you are not obligated to, but are able to, tap into when you need.
Maximizing Convenience for Customers
Fast forward a month or so, now you’ve got the ball rolling. You’ve hired your new cooks and waiters and set the place up, so now you are transitioning to thinking about more detailed things what changes you need to make because of the difference in demographic that you will be serving. Being that the new restaurant is downtown, the most prevalent way that people pay is card. That is why Z&R is right there behind you offering credit card processing services. This would allow you to accept MasterCard, Discover, American Express, and PIN Debit while staying up to date with current technology in the payment industry such as mobile swipers and PIN pads. That way when the birthday group hands you 7 different cards, you can accept each one no sweat.
It is now several months after you first opened for business and you have finished paying back that first term loan you took out. When going through the paperwork, you decide that taking out another one makes a lot of financial sense. The only thing that concerns you about taking out loans is having to worry about making each payment on time. If you find yourself wondering if there is slightly easier way… there is. A great option for your starting business, especially if you’re concerned about being able to make loan payments on time, is our Small Business Loan Cash Advance program. Using your gross sales, we set up a payment plan that varies each cycle directly based on your cash flow. This program is also great if you think you are entering a slow season because you will be paying it back at a rate super specific to how much money the business is bringing in. This way you can order a great sound system for La Concha for salsa night knowing you won’t have to worry about increasing sales to pay it off.
For whichever of these above scenarios becomes the reality for the restaurant, we will do our best to work out a great, mutually beneficial deal that will hopefully help add to the value of the business. Whatever financial problems you have, Z&R Funding is a one-stop shop to help you and your business succeed. Once we do our job and help you, we’ll stop by the new La Concha for boliche and cuba libres.