Mill Lane Tavern, LLC
Company: Mill Lane Tavern, Inc. (“MLT” or “Company”)
Financing Amount: $615,000
Financing Structure: $615,000 SBA Term Loan
Financing Date: March 12, 2024
About the Company
In 1946, Mill Lane Tavern was established and has had the same owners for 30+ years. Backed by a strong husband and wife team, the tavern looks to continue the spirit of a family owned tavern with homely feelings. The tavern is looking forward to adding their own flare to the menu with weekly specials and extended kitchen hours, especially on the weekends. The focus is to keep the small-town charm the tavern provides along with adding some events to enhance the community feel.
For many years, people have come to the tavern and have shared their experiences with their families and friends. The tavern is one of the best places to enjoy various sporting events throughout the year alongside good food and beverage. The goal is to keep the hometown feeling of exactly that, while adding a new level of technology, and social media presence
Situation
Presented with the opportunity to purchase and take ownership of the business, Bridget Morro and George Guzman needed capital in order to reach the purchase price but also have enough working capital to expand on the operations of the business and implement a stronger social media and neighborhood presence. After working for the tavern for numerous years, the team had a lot of growth initiatives that they wanted to implement to really bolster its reptuation within the neighborhood and beyond.
Solution
Alantes was able to secure a $615,000 Small Business Administration (“SBA”) Term Loan for the acquisition of a Mill Lane Tavern. This credit facility not only cleared all existing high-interest debts associated with the acquisition but also provided additional working capital to enhance the restaurant’s operations and presence. “With the endgoal of acquiring Mill Lane Tavern paired with our plans for expansion, it was vital for us to secure a loan that would support our growth and operational needs,” states Bridget Morro. “Despite the challenging financial environment, the Alantes team succeeded in securing a more affordable financing option, showcasing their expertise in the finance industry. I’m excited about the future with this new financial backing, and I’m grateful to Alantes for making this opportunity possible.”
About Alantes
Alantes Corporate Finance (“Alantes”) specializes in capital raises and strategic advisory for small to middle market businesses across the nation. Our team prides itself on our ability to provide unique solutions for all of your business needs. Whether you’re looking to acquire a new company or additional working capital for operations, Alantes is your trusted source for business growth and expansion. Our multi-faceted approach allows us to craft creative solutions that adds value at the most critical junctures so you can focus your resources on core business activities.
For more information on this transaction, contact Alantes Corporate Finance at info@alantes.com
Alantes Corporate Finance, LLC
234 5th Avenue, 2nd Fl
New York, NY 10001
www.alantes.com
