The Church Key: Unlocking Success
In January 2018, the account manager at the Commercial Bank of Canada was reviewing a request for a $200,000 long-term loan and a $60,000 working capital loan for The Church Key Bistro-Pub, a fine dining restaurant located in downtown London, Ontario. The funds were needed to open a second restaurant. The account manager believed the restaurant owner to be a reliable business manager. Her enthusiasm for the new restaurant was infectious, and her expertise in restaurant management was indisputable. Nonetheless, the account manager was hesitant to grant debt financing to a company that had not taken out any debt in six years. She considered all available information and began her final review.