We think it’s important to give business owners a voice. Here is the story of the Wilsons’ journey to opening a Jimmy Johns Gourmet Sandwich chain.
With a history of entrepreneurial success in the real estate market, Larry and Sharon Wilson decided to try their hand at restaurant chain ownership 18 years ago. Through their parent company, Epicurean Delights, Inc., the Wilsons opened up the 7th franchise for Jimmy Johns and now own and operate three Jimmy John’s in Peoria, Illinois.
Due to the challenging macroeconomic environment in recent years, business started to decline for Epicurean Delights, Inc. With a decline in sales, it became increasingly difficult for the Wilson’s to cover necessary business expenses such as purchasing a new cold table, ice machine and an oven. Coupled with additional family expenses, the Wilsons found themselves financially strapped on both a business and personal level.
Although the Wilson’s were able to cover new equipment purchases, they fell behind in Illinois state and local sales taxes. The late and delinquent taxes created a snowball effect in and they found themselves unable to renew their business license. Larry Wilson felt trapped because a traditional bank lender wouldn’t approve a bank loan for the collateral they needed because they rented their facilities.
A Business Solution
Like most business owners that have found themselves in the same position as the Wilsons, they quickly turned their search efforts online to find a solution to help save their business. After applying and being bombarded by alternative business loans, SnapCap had emerged as a clear leader in the alternative lending space. Larry Wilson loved the rates SnapCap was able to provide and was very pleased with the level of professionalism and the quality of service he received.
The Wilson’s had a deadline for the end of the year to get the collateral they needed. “The SnapCap team worked to the last minute and got it done. I don’t know that anyone else would have taken the personal interest and persevered all the way up to the 31st the way they did,” said Larry. “They were aware of the deadline and provided a level of service that was beyond anything we could have expected.”
How SnapCap Helped
SnapCap was able to help the Wilsons settle back taxes, renew their business license, and make payments on their equipment, all while providing them with a loan to accommodate the business’s cash flow. The Wilsons secured a $200,000 loan from SnapCap with a one-year repayment term. “The SnapCap team was invaluable in addressing our business challenges and helping us move forward,” said Larry.