CASE STUDY – Successful Mexican Restaurant in Los Angeles, California
Hector owned a successful Mexican restaurant in Los Angeles, California. While visiting relatives in Mexico last January, his ‘Tia Maria’ shared with him a recipe from her childhood. She had forgotten about the long lost recipe because she had not prepared the meal as an adult.
Upon tasting the combination seafood and beef mix that is seasoned with a blend of secret spices, Hector knew he had a winner on his hands. Upon returning to his restaurant in Los Angeles, he tested his new recipe on some friends. His secret recipe was an overwhelming success. His friends loved his new creation.
Fast forward three months, word had spread about Hector’s new menu item. Much to his surprise, his new burrito was primarily selling to the lunch crowd. Since his seafood / beef burrito has secret ingredients, Hector has some time before his competitors catch on.
Taking the next step
After experiencing very rapid growth in such a short period of time, Hector has decided it is time to take the next step. Considering how his seafood/beef burrito is so popular as a lunch item, he decided that a catering truck would be the most effective way to take his business to the next level. Additionally, a catering truck does not require the capital costs or risk that comes with setting up a second location.
Hector’s neighbor, Tom owns a medium sized manufacturing company in Los Angeles. We had helped Tom about 18 months ago get the capital he needed to buy two new pieces of equipment for his business. Having been satisfied with his experience working with us, Tom suggested that Hector give us a call.
Hector’s experience getting a working capital loan
When Hector called us, he had no idea what to expect. When he first opened his restaurant, he applied for a small business loan from a bank.The entire application and approval process took almost two weeks not to mention hours upon hours of preparation time.. When he heard that we didn’t do things that way, he was very happy.
It took all but three hours for Hector to apply and be approved for his loan. Since he was looking for some help with the cost of a new catering truck, he was able to apply for an equipment loan. Once approved, the full amount of what he asked for was deposited into his bank account the next business day.
Overall, Hector is very happy with the entire experience of working with us at Zip Capital Group. He was able to significantly reduce the time needed to apply for the loan and receive his funds the next day. The time saved going through the loan application process was time that he could spend doing what he does best, running his restaurant.
We are happy to have had the opportunity to help Hector fund his new catering truck. In the first few weeks of use, the results have been spectacular. He is able to take his seafood/beef burritos to his customers rather than have them come to him.
Why take out a working capital loan?
While there are many different reasons to take out a loan, working capital loans are primarily designed for companies who want to grow their business. This could be to:
• PURCHASE inventory, equipment or supplies
• CAPITALIZE on new business opportunities
• HIRE more employees
• ADVERTISE your business
• RECEIVE EXTRA CASH to get the things you need
Working capital loans are much easier to secure than bank loans. Often times, you can have a loan decision in a matter of hours compared to several days if not weeks required for a traditional bank loan.
Working capital loans have experienced tremendous growth because they work for small and medium sized businesses. Zip Capital Group has years of experience with working capital loans and are here to help you with your working capital needs.