The restaurant industry in New York and New Jersey is hyper competitive, and restaurant owners will be the first to acknowledge this truth. Amidst the bustling world of start-up businesses, Brick Lane Curry House has prevailed since it opened in 2001 through the recession later in the decade.
Securing funding for restaurants is no easy task since bankers consider restaurant loans rather risky. Factors that worry lenders are restaurants’ high rates of default and the heavy equipment and inventory investments that lose value fairly quickly. This was evident when Satinder Sharma, owner of Brick Lane Curry house could not secure a loan for his business in 2008.
The Great Recession had just hit the U.S., and restaurants — as well as other small businesses — had difficulty securing financing. This occurred just as Brick Lane Curry House was expanding exponentially.
“A couple projects of ours were stalled and that’s when we were introduced to Biz2Credit,” Sharma said. “It was very simple and easy after that. They took care of everything – I didn’t have to jump through any hoops and didn’t have to go through any lending paperwork.”
Sharma attributed his business’s survival to Biz2Credit’s easy-to-use platform and honest employees.
“I was extremely happy with the experience with Biz2Credit. There is no going around in circles, they are very straightforward about what they can and cannot do,” Sharma said. “I will definitely recommend it to other people who are in similar situations.”
Former Navy officer Rafael Cuellar served his country for a decade. The entrepreneur founded Cuellar LLC, which was ranked among the 500 largest Hispanic-owned businesses in the U.S. in 2010.
Cuellar needed funding for expansion and appreciated the multiple funding options that Biz2Credit offered him.
“The process of getting funding from Biz2Credit was exceptional.” – Rafael Cuellar
“The process of getting funding from Biz2Credit was exceptional — hand-holding, the personal touch, and the help that we got throughout the process,” Cuellar said. “Not only did it help us in our current situation, we realized other opportunities for expansion and business development.”
“I would recommend Biz2Credit to any small business out there,” Cuellar added.
Carlos Chavarria owner of Total Property Services in Stamford, Connecticut, needed funding to meet payroll. Because he owns a landscaping and construction firm, it was hard for him to obtain funding from a traditional source.
How Biz2Credit Helped: Chavarria had gone to a couple of banks and found it very difficult to obtain funding. He found Biz2Credit — and case manager George Jouvin — through Biz2Credit’s partnership with The Latino Coalition.
“Biz2Credit has helped over 11,000 small businesses obtain the funding they needed,” explained Carlos Chavarria, who grew up in Guatemala. “They gave me hope and helped me obtain the funding I needed for my small business.”
Total Property Services was founded in 1999. The company is a landscaping and construction firm that does landscape design, masonry, irrigation systems, and property maintenance/seasonal upkeep. The funding Total Property Services received helped Chavarria meet payroll during a slow period
“I would recommend Biz2Credit, they are very helpful in helping small business owners obtain the funding they need,” said Chavarria.
Solution: $23,000 loan from an alternative lender.