Restaurant Owner Receives $100k Financing

Owner of Williston Townhouse Diner, Spiro Dimas was looking to expand his restaurant in the spring, but after only being in business for three years and not having stellar credit, he was declined a loan from his local bank.

He did some research and found another source of funding from EVO Merchant Services. All in all, Mr. Dimas received $100,000 which will be paid back over the course of one year. While the money is more expensive than a traditional bank loan, it still allowed Mr. Dimas to expand his restaurant, creating more space for new customers and a fresh remodeled look to the renovated location.

EVO Merchant Services not only provides merchant processing solutions for business but also provides them with merchant funding. CEO Jeff Rosenblatt of EVO Merchant Services discussed the growing trend in the merchant cash advance industry. While 80% of his merchants were traditionally restaurant owners, now restaurants comprise 50% as merchant cash advances have expanded into other industries. The company has grown from funding a dozen merchants a month, to hundreds.

To see the full article from Newsday.com click here!