Building a business
When sisters Sandy Broun and Susan Loyd relocated to Boise, they dreamed of creating a neighborhood taco stand just like the one from their hometown in Texas. They had a solid business plan, but like many entrepreneurs with start-up restaurants, they couldn’t secure traditional bank financing. The co-owners contacted MoFi shortly after our organization’s expansion into Idaho in 2015, and became one of our first clients in the state.
Financing for the second location
Tin Roof Tacos opened in downtown Boise in early 2016, and their beloved street-style tacos became a fast favorite among locals. With one location running successfully, Susan and Sandy were soon ready to expand, and identified a prime location in Meridian, a high-growth city outside Boise. MoFi once again provided financing for inventory, equipment, and working capital to launch their second location, and Tin Roof Tacos opened in Meridian in spring 2018.
Living the American Dream
Along the way, they’ve provided steady jobs and created anchor businesses in their communities. One of their employees recently shared their experience working at Tin Roof Tacos with us. “If it wasn’t for Sandy and Susan at Tin Roof, I would be working multiple jobs…This place has truly allowed me to live the American dream and progress greatly in my life in just a short period of time.” Four million tacos and millions of dollars in sales later, Sandy and Susan paid off their loan with MoFi and have a long-term relationship with a local bank.
This is the Path to Bankability moment we strive for at MoFi.
Two years after the initial loan, the business is thriving and the clients are being refinanced by a referring lender, establishing a long-term bank relationship that continues to grow with them. We, in turn, get to deploy that capital to another deserving business.
Products Used: Small business loan