Family owned and operated restaurant, California
Family fights to save restaurant.
This family poured their heart and soul into their restaurant, only to be on the verge of closing due to massive debt. Here’s how we helped…
This client was in deep. When they reached out to SBA Loan Program, they had two daily ACH merchant loans and were borrowing against their credit card receipts. Our first meeting revealed just how dire the situation was: the restaurant owed $225k to three different companies. If they didn’t consolidate the open debts, the family business would be forced to close.
With the help of an independent third party, the total owed was negotiated to $137k, and the client was released from the remainder of its obligations. Thanks to the efforts of all involved, the small business loan closed and the client saved $92k from the original amount. Not only did the business restore $50k to their monthly cash flow, but they were able to continue the family business for generations to come.