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When this family-owned chain of restaurants started to expand, it exhausted one owner’s cash reserves. He turned to Lendio for some just-in-case funds.
The family-owned Seven Brothers chain of burgers and fries restaurants got its start behind a gas station in the beach town of Kahuku, Hawai
Line of credit
Sterling Hannemann, an owner of the first Seven Brothers in Utah, needed a just-in-case line of credit after using up his reserves to buy out his partner.
Despite not needing to use much of those funds, Sterling was glad he had a partner in Lendio to turn to.
Expanding a family business can be tough, especially when you open a new location far away from its original base.
This is the situation Sterling Hannemann and his brothers found themselves in 2017 when opening the first Utah location of Seven Brothers, the burger chain started by their father Art in Hawaii. The Utah location eventually found success, but not without challenges: Sterling found it hard to market his restaurant in a more suburban locale. But word of mouth and customer reviews proved strong enough for Sterling to buy out his partner, returning full ownership to the family. Doing so, however, diminished his on-hand cash reserves, so he turned to Lendio for a line of credit.
“The Lendio process was amazing,” Sterling says. “They went at my pace; luckily I wasn’t desperate so I was able to take my time. But when the time came to accept a loan, it was a two-day process before funds were in my account.”
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California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through Lendio Partners, LLC, a wholly-owned subsidiary of Lendio, Inc. and a licensed finance lender/broker, California Financing Law License No. 60DBO-44694.