Shorty's Mexican Roadhouse
Jon Carnevale is an experienced local restaurateur with an established record in the industry. After serving as general manager of his family’s Bedford Village Inn for a decade, he spotted an opportunity to take over a local restaurant chain, Shorty’s Mexican Roadhouse, which had long been a landmark in southern New Hampshire. Shorty’s owner wanted to retire and, with the right capital structure, Jon believed he could be the next successful owner of the franchise.
Jon obtained a commitment from a local credit union for a Small Business Administration-guaranteed loan, but the financing he needed was more than the value of his collateral. He needed a little extra capital to bridge the gap.
Why the Community Loan Fund made the loan
Jon had a deep knowledge of the restaurant industry and an experienced ownership team that complimented his talents. His plan and financial projections clearly demonstrated how he would revitalize the restaurants.
We made the loan to Jon and he successfully purchased the restaurants. He has since streamlined operations, freshened the menus, and started to give each of the three locations a facelift.