Ray Vasquez Case Study
“Ramit and Rohit – they are the Magic Men,” says Ray Vasquez, owner of the first-ever Johnny Rockets Sports Lounge on the upper east side of Manhattan, about Biz2Credit co-founders Ramit and Rohit Arora, who helped him obtain financing to bring the concept to life.
Vasquez felt that Johnny Rocket had a strong brand but had a void in its market for the 21-40 year old who might want to watch a sporting event on TV, have a few drinks, and order a decent hamburger. Thus began the concept of Sports Lounge.
Unfortunately, when the entrepreneur looked for capital at the height of the credit crunch in 2008, it was difficult to find – even from large banks his family had relationships with, including Citibank and Chase. Vasquez expressed his frustrations to his attorney, who recommended him to Biz2Credit.
Biz2Credit helped Ray Vasquez to obtain all the funding he needed in four months’ time. “A remarkable pace,” Vasquez adds.
- Biz2Credit matched Vasquez with New Bank, a local small business-focused bank ,which Vasquez wasn't aware about
- Vasquez was able to raise nearly $1 million in funding at a rate of 6% within 8 weeks
- Johnny Rockets Sports Lounge recently celebrated its first anniversary
- The restaurant has become so successful that the owner is looking to open a second Johnny Rockets Sports Lounge
- The franchise was selected as the location to film CBS’s “Undercover Boss” program in which Johnny Rockets President and CEO John Fuller posed as an employee and flipped burgers. The episode aired on Dec. 12, 2010.
Biz2Credit helped Ray Vasquez to obtain all the funding he needed in four months time. "A remarkable pace," Vasquez adds.Vasquez was able to raise nearly $1 million in funding at a rate of 6% within 8 weeks
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