Online Working Capital Lending Case Study | SnapCap

Case Study Franchise Restaurant

With a history of entrepreneurial success in the real estate market, Larry and Sharon Wilson built a franchise of a popular gourmet sandwiches chain 18 years ago and have run a healthy business for nearly two decades. Through their parent company, Epicurean Delights, Inc., the Wilsons now own and operate three franchise restaurants in Peoria, Illinois.

  • Loan Amount: $150K
  • Term: 1 Year
  • Use: Working Capital & Equipment
  • Industry: Restaurant

The Challenge

Due to the challenging economic environment in recent years, business started declining for Epicurean Delights, Inc. Ongoing business expenses such as purchasing a new cold table, ice machine and oven hit the restaurant hard, because of the slowdown in sales. Amidst this business climate and coupled with unexpected family issues, the Wilsons found themselves financially strapped on both business and personal levels. With all free cash flow going to new equipment purchases, the business got behind in both Illinois state tax and local sales tax. These delinquent taxes created a snowball effect in which the Wilsons found themselves unable to renew their business license. “We were stuck – we couldn’t give the bank the collateral they needed because we rent the facilities, so we were automatically disqualified from taking a traditional bank loan,” said Larry Wilson.

We were stuck – we couldn’t give the bank the collateral they needed because we rent the facilities, so we were automatically disqualified from taking a traditional bank loan.

The Solution

The Wilsons turned to the web to see if there was an option to help them save the business that they had worked so hard to build. A quick Google search led them to several online lenders. After applying to these lenders and being flooded with offers, many at astronomical rates, SnapCap emerged as a clear leader in the alternative lending space. What stood out to the Wilsons was not only the good rate they received, but also SnapCap’s quality of service. “We had a deadline for the end of the year,” said Larry. “The SnapCap team was working to the last minute and got it done. I don’t know that anyone else would have taken the personal interest and persevered all the way up to the 31st the way they did. Each time [there was an obstacle], the SnapCap team dove in and helped fix the issue,” said Larry. “Their service was very personable and thorough. They didn’t give up – they were aware of the deadline and they provided a level of service that was beyond anything we could have expected.”

They didn’t give up – they were aware of the deadline and they provided a level of service that was beyond anything we could have expected.

The Result

SnapCap worked with the Wilsons to stay on track with their equipment payments, settle their back taxes and renew their business licenses, providing them with a $150,000 loan with a one-year repayment term to get them through their challenges. “SnapCap made it possible for us to pull it all back together,” said Larry. “The SnapCap team was invaluable in addressing our business challenges and helping us move forward.”

The SnapCap team was invaluable in addressing our business challenges and helping us move forward.

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