Financing Challenge:
A restaurant in a trendy neighborhood of New York City needed assistance applying for a PPP loan. The solo venture of a high-profile chef, the eatery was a newer business, having opened up in November of 2019.

Since the restaurant wasn't in operation for a full year in 2019, applying for a loan presented difficulties. Though the client was in a pinch, Asset Enhancement Solutions, LLC was more than happy to help.

Financing Solution:
As the client didn't have results for the full year of 2019, AES was able to utilize the payroll from their first quarter salary data in 2020 to calculate the loan amount. Once that challenge was sorted out, it was smooth sailing. AES communicated swiftly and promptly back and forth with the client to source and collect the necessary documentation and data. The client and our consultant assembled the application package together and submitted it to the bank.

The restaurant's application was approved and they were funded with a PPP loan of $884,890.

Contact
Neil Seiden, 516-767-0100
neil.seiden@assetenhancement.com

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