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Growth financing needed!!

I am the chef and owner of Main Street Manor Restaurant and banquet facility www.mainstreetmanor.ca of London Ontario. My facility consists of 4 components. 60 seat fine dining restaurant in an old century home on the main street, 30 seat lounge, beautiful 175 seat banquet and wedding hall, and one of the most private and unique outdoor wedding facilities in South western Ontario, seating for 250. After 4.5 years of operation and the first year of profitability I am seeking growth funding that will help increase profitability by an estimated 100% to 150%. To this point my very large operation has been handcuffed by under financing but I still made it happen through sheer determination, hard work, and performing what ever tasks necessary to succeed. My business is quite complicted and the above description is a simplistic synopsis. The business is not even close to acheiving its full potential.
Is there anyone out there that can help me take my venture to the next stage?
Thank You for any consideration
Brian Long, Chef/Owner Main Street Manor Restaurant and Banquet Facility
Western grad, Stratford Chef`s school grad, Former Culinary Professor Fanshawe College
Is there anyone out there that can help me take my venture to the next stage?
Thank You for any consideration
Brian Long, Chef/Owner Main Street Manor Restaurant and Banquet Facility
Western grad, Stratford Chef`s school grad, Former Culinary Professor Fanshawe College
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Comments
My wedding business makes me a great margin and is very easy to market. Then the restaurant snatches about half of that margin away. If my restaurant would simply break even (should not be an impossible task) I would double my profit. Growth financing to take care of the above 4 issues would create the ability to, in the worst case, make the restaurant break even.
There is even more potential, ie. outdoor facility but you have my situation in a nut shell.
I look forward to your thoughts
Thanks again for the interest
Chef Brian Long
Here is something else I have been working on (like I said this situation has many more complexities but i want your thoughts because of your experience). The entire plaza that I am in is under power of sale (you can see it through agents) and I am the reason it has become valueable. The plaza is selling for about $1.2 million and worth about 1.6 million. I have been trying to find local investores to help buy my portion of the building which the landlord has agreed to do. I have also set up my wife Yvonne in the same plaza (www.photographybyyvonne.com) so we lease 65% of the plaza. I am dealing with people who want to buy the building so the facade of the house has been made clear to them. I hold all the cards.
By the way, I am doing all this while I do menus, cook, and everything else.
To answer your question, I am looking for an aggressive $60,000 for the business growth, AND OR $200,000 down payment and $400,000 mortgage to let my rent ($5000/month) go into equity. No different than buying your first home!...I did that too!
Thank you again, still very interested in your thoughts.
Chef Long
ChefLong3/12/2008 12:35 AM
For the sake of accuracy, other than disaster loans, the SBA does not make direct loans, they provide loan guarantees through a number of programs.
The actual loans (funds) are made by banks and other participating lending institutions.
Thanks for your inclusion in our conversation. I do know most of what there is to know about lending in Canada. I am a business grad from UWO and got talking to Winston who has had some bad experiences in the restaurant business.
Is a disaster loan a ticket to Tahiti?
Cheflong