Start-up business with a familiar name
Terry and Deb Kramer of Kalispell, Montana spent years researching franchises before deciding on Frugals, an award-winning burger restaurant featuring a double drive-through design, fast service, and lower-than-average price points. After obtaining franchise rights for markets in Idaho, Utah, eastern Washington and Montana, the couple identified an ideal location for their first restaurant in downtown Nampa, Idaho and began construction. However, just a few weeks before opening, their bank financing was postponed due to an delayed appraisal. In need of capital to cover construction, equipment and other start-up costs, Terry and Deb’s banker suggested they contact MoFi. We provided a bridge loan to help them move forward until their bank can issue funds. Frugals is on track to open in early March 2018.
Product Used: Small Business Loan