Success Story – Queensland Restaurant
Running a restaurant business comes with a lot of challenges. Most entrepreneurs who have explored business opportunities in this industry will vouch for that. Staying relevant to the changing market trends, lack of adequate capital to sustain the business, inventory management and staffing are some of the challenges that continue to affect the restaurant business. For a business to thrive despite all these challenges requires robust planning and management.
Recently, we were approached by an 8-year-old Queensland based restaurant, seeking a loan of $150k. Located in Brisbane, this business has a good number of repeat customers and have been serving them over a long period of time. There was a need to increase the seating capacity as well as renovate the outlet to improve ambience and ensure continued patronage of their customers. The challenge was that the funds were required urgently to start the work and be ready before the upcoming holidays.
Due to an existing unsecured business loan of $150K, the client was unable to get another as top-up from the same lender without collateral. Having faced rejections from a couple of other non-bank lenders, the client was struggling to secure the necessary funds to initiate the renovation work.
The restaurant owner was referred to Capital Boost by his accountant who had worked with us earlier for a few of his other customers. Through a detailed discussion with the restaurant owner and his account, we were able to understand their current financial status and build a strong business case for an unsecured loan of $300k ($150K to close existing loan and $150K for their current requirement). We pitched this to another lender after consulting with the business owner. Not only was our application accepted, it also got approved in a record time of 2 days.
At Capital Boost, we strongly believe there is a solution to every problem if we look hard enough. Probably the biggest reason why our clients love working with us. We are able to offer a differentiated solution for complicated scenarios based on our understanding of client situations and lender criteria. With this approach, we are able to deliver a higher rate of approval on loans for our clients.
The journey from enquiry to securing funds was made within 6 working days and at a rate much lower than their previous loan.
Do you have a similar story? We would love to help you secure the loan needed to grow your business. Reach out to us on 1300 360 530 or click on the link to Apply Now!