Alternative online lenders have been around for over a decade now and during this time have supported millions of American small business owners on their growth journeys.
In this article, we will explore the impact of Alt-Lending on one specific industry – restaurant and cafés – through 3 diverse case studies from Cresthill Capital –
1- Opening a second restaurant – Jenny (name changed), is a successful 43-year-old chef and restaurant owner in New York. She opened the doors of her first bistro more than a decade ago, and its enduring popularity pushed her to explore opening a second location.
So, when she discovered that the perfect building in her preferred area was up for sale, she approached Cresthill Capital for a large financing offer. Her bank had agreed to fiancé her mortgage, but that was it! Remodeling the new space, buying kitchen equipment, and other similar costs had to borne by her. With a kid in college, there was no way her savings could cover all this!
After checking her existing business transactional data, Cresthill Capital approved a business line of credit to the tune of $200,000 to cover her entire launch expenses. Jenny used the Line of Credit to withdraw money as and when it was needed and only paid repayment costs on the amount used. It was like using a credit card with a $200K limit!
2- Extending a home catering service – Martha, a stay-at-home-mom in Connecticut, turned her talent as a cook into a business. For years she had been supplementing the family income by baking and selling from home. A chance conversation with a friend about alternative online lenders got her thinking about expanding her business. She had recently been asked to cater for a corporate event and felt that with some capital would be able to upgrade her kitchen to handle more work.
As she didn’t have an established business, her husband took out a merchant cash advance from Cresthill Capital against his company. Martha used the money to set up a new professional kitchen and hired an extra pair of hands and is now working full time catering mid-sized events at least 3 times a week.
3- Remodeling to cater to new demographics – Jason had inherited his family café at 27 and quickly discovered that it was struggling to survive. Some reasons like the old fashioned menu were visible, but detailed market research revealed that the demographics of the area had changed, but the café hadn’t kept up to newer tastes. The millennials and gen-Z were spending the money now, but the café was still catering to their parent’s generation.
Jason knew what he needed to do; he just needed the money to do it. He decided to explore alternative online lenders for his expansion funding, and after reading Cresthill Capital reviews decided to call in to discuss his plans with a team member.
The call resulted in a substantial Merchant Cash Advance that allowed him to carry out a top-to-bottom refurbishment of the place, and he soon saw his sales pick up.
A look at Cresthill Capital reviews online will instantly show the benefits of alt-fin that attract small business owners – they are pleasantly surprised by the speed of the process, the lack of tedious paperwork, and love the personalized service they get at the company. Simply put, alternative finance works well for small businesses like restaurants because it is fast, fair, and easy to access.
Crest Hill Capital Reviews, Crest Hill Capital/Mantis Funding 