101 Beer Kitchen

The Opportunity

After taking a three-year break from expanding their successful Columbus, Ohio restaurant chain, 101 Beer Kitchen, Jessica and Thaddeus Kittrell were looking to open their 4th location in a new market—the Indianapolis metro area.

The area has similar demographics to Columbus, and they felt their restaurant would do well there. They had found a location that they liked in the entertainment and dining thoroughfare of Fisher’s Indiana, a suburb of Indianapolis.

But to position their restaurant for success in a new market, Jessica and Thaddeus wanted to elevate the look of their brand. That new design work would make this their most expensive project yet. And they needed financing to make it happen.

The Challenge

When Jessica and Thaddeus decided to open their first restaurant in 2012, they knew they didn’t want outside equity investors to finance the project. So, they got a small SBA loan with a local bank. And with each location they opened after that, they were able to acquire SBA financing with the same bank.

Jessica and Thaddeus’s were first introduced to Celtic’s loan officer, Nathan Ray, through their local bank. Because of Nathan’s continued support as well as their fourth loan application being declined with their SBA bank—they followed Nathan to Celtic.

Because of Jessica and Thaddeus’s proven industry experience, strong management plan, and high post-closing liquidity, Celtic was able to provide 90% financing with only 10% down.

The Solution

Since the loan was extended, Jessica and Thaddeus have started on tenant improvements to their new space. The location opened December 16th, 2019—4 months after their loan closed.