Amur Aims to Fill Void in Marketplace

Written by

Categories :

Casey Mitchell’s interview with Restaurant Finance Monitor:

“When I got into the industry, I realized I loved it from the start,” said Casey Mitchell, CLFP, SVP of Sales for Amur Equipment Finance. Mitchell, a 25-year industry veteran, owned his own loan brokerage company, and became familiar with Amur in 2004, then Axis Capital. At the time, they were a “common sense-type lender,” funding hard assets for manufacturing, construction, transportation and agriculture.

“Fast forward through the Great Recession, and the company was still doing business, when a lot of other lenders headed to the sidelines,” Mitchell recalled. “They came to me in 2010 and told me they were expanding.” Those conversations continued and in 2012, they acquired Mitchell’s company, and he joined the management team.

Amur continued to grow, and as he described it, they were intent on taking it from a small boutique lending company to one with larger aspirations. “The company has grown to $1 billion in annual originations,” he said. “And we have no intention of slowing down.”

Franchise finance is a big focus for Amur. “Over the last couple of years, we have become more and more active in the franchise space, listening and learning about the nuance of lending here,” said Mitchell. “And now it might be underserved due to the constraints other lenders may be under. We are excited to fill the need.”

Amur finances construction, FF&E, soft costs, franchise fees and all other things that go into a site, with the exception of the real estate. “At our core,” he explained, “we’re best at a project that has some FF&E component— new kitchen equipment, technology upgrades, redoing the signage, reimaging, remodeling.”

And, he said they can finance up to two times the equipment. “So, we can include that install cost, the permitting, the franchise fee,” he added. “Those costs are real to the franchisee, so we want to be as helpful as we can be.”

Amur is currently targeting 150 brands. Top-tier brands, to Amur, are those that own both corporate and franchised locations, and are going to help support locations that struggle, either by corporate operating them, or replacing them with a successful franchisee.

For Amur, Tier 1 brands have at least 150 locations, are present in a cross section of U.S. markets, have a less than-5% closure rate, and have shown positive same store sales growth. Tier-two brands have at least 75 locations, and are growing.

Their application-only process funds transactions from $500,000 on up to $3 million for any one tax I.D. “From a growth perspective, we can take a small operator and continue to go up to that $3 million,” Mitchell said. “We’ll do a store this year, and the next, and the next.

As they become more marketable for the broader lending space, we do have the full-service syndication desk that can manage that process and can create dry powder for the borrower.”

Amur’s program is built to help franchisees and franchisors alike, he said. They can build a program around a franchisor’s objectives, and partner with them to help market it to the franchisees at conventions and trade shows, for example. “We can really be an extension of the brand,” said Mitchell.

He’s excited about the growth opportunities for Amur, adding that they are still hiring sales origination and underwriting positions for their franchise efforts.

“We have a great opportunity here, because there is a void in the marketplace,” said Mitchell. “Capital has become constrained. We are not going anywhere. We can provide some much-needed help.” For more information, contact Casey Mitchell at CMitchell@amuref.com, or at 914-346-4152.

Read the full interview on page 4 and more by clicking the link below:
Restaurant Finance Monitor – July 17th, 2023

Daylight Saving Time Origins and Benefits

Written by

Categories :

History of Daylight Saving Time

Daylight Saving Time (DST) begins at 2:00 a.m. this Sunday, March 10. At this time, we will set the clocks forward, losing an hour an hour of sleep, but gaining an hour of sunlight the next evening.

DST was initially introduced during World War I as an attempt to conserve energy. It was reinstated during World War II for the same reason. Until the 1960’s, it was practiced by some states, but there was no federally regulated date for changing the clocks. DST became the national standard in 1966, when the federal government mandated that the entire country observe the time change. Now, every state changes the clocks on the same day, except Arizona and Hawaii which opt out of DST entirely.

The rationale for DST is to conserve energy by extending daylight later in the day, when people will be home and able to enjoy sunlight. Since the 1970’s, studies have shown that DST has little to no effect on energy usage.  However, DST maximizes the number of daylight hours that people can enjoy after a typical 9-5 work day. Some regions of the country like this so much that several states including Florida and California have proposed legislation to make DST a permanent time change.

Daylight Saving Time and Farming

It is a widely accepted myth that DST was created to benefit farmers, providing longer hours to work outdoors. In fact, the agriculture industry lobbied against DST as far back as 1919. The loss of the early morning daylight has negative effects on the typical farming operation such as changing the milking schedule on a dairy farm. Changing a cow’s daily milking routine by just an hour can have detrimental effects on overall milk production. 

Benefits of Daylight Saving on Businesses

While DST may be a strain on the agriculture industry, it has a more positive impact on the retail industry. With more daylight hours after work and school to shop, stores may benefit from the time change. People also tend to spend more time participating in outdoor activities, such as outdoor sports, hiking, and barbeque. In fact, according to the history channel, candy, golf, and barbeque are the three main lobby groups that have supported DST over the years. While golf and barbeque seem to go hand in hand with longer daylight hours, it is difficult to see a correlation between candy sales and daylight. In the 1980’s, the candy industry lobbied heavily to extend DST past Halloween. The rationale was with more sunlight for trick-or-treating, the candy industry expected an increase in candy sales. Their lobbying efforts eventually proved successful, with DST being extending through the first Sunday in November.

Impact of Daylight Savings Time on Many Industries

In conclusion, though the clocks may change by just one hour, DST influences many industries. Franchises and restaurant owners may extend their evening hours to accommodate more customers. Construction companies may need to shift their hours or expand their workforce to take advantage of the extra hours of sunlight. This year, as you change the clocks and look forward to eight months of extra sunlight, consider how your business may be affected by the time change, and how you can use DST to your advantage.   

Presidents’ Day Marketing for your Business

Written by

Categories :

The History of Presidents’ Day

Many people in the U.S. are enjoying a three-day weekend—a work- and school-free Presidents’ Day. However, to many small business owners and entrepreneurs, this holiday has a different meaning: working hard at keeping their doors open in an effort to grow their business.

Presidents’ Day originated as a holiday to honor our country’s greatest leaders and the values they reflected. Presidents’ Day was officially declared a federal holiday by an act of Congress in 1879. Originally falling on George Washington’s actual birthday (February 22), Presidents’ Day was moved to the third Monday in February as part of the 1971 Uniform Monday Holiday Act, which was established to create more three-day weekends for federal workers.

Your Small Business and the Economy

Many of the Founding Fathers were entrepreneurs: operating their own private farms and businesses. They were people with skill and know-how, guts and grit, and they put their heart and soul into building next generation businesses that kept our country moving forward. It doesn’t matter what type of business someone owns, or what industry they are in, they all embody an entrepreneurial spirit and independence that this country has benefited from since 1776.

Does this sound familiar? It could seem like a bit of a stretch to compare yourself with someone whose face is on our dollar bill, however, your small business plays a critical role in the entire country’s economy. Today, that entrepreneurial spirit still drives the success of the American dream. No one seems to embody the American dream more than our small business owners. Thanks to people like George Washington, we can enjoy the freedom to chase our dreams by starting our very own business.

How to Celebrate Presidents’ Day This Year

This three-day holiday weekend, kick off 2019 by positioning yourself as an industry leader and break through the noise by marketing your business. You can hold events, give away promotional products, donate your time to a charity or your local community, create a campaign with a sense of urgency, set up sales and incentive programs to clear inventory. Several manufacturers and dealership that are coming off their end of year/beginning of year lull are expected to be offering holiday-related discounts. Today, furniture and automotive dealership sales events have become nearly synonymous with President’s Day. This holiday weekend marks the first big sales event since the holiday retail season ended. And for some, it’s a warmup for the bigger sales still to come later in the year. If you’re on the market for a new car or new furniture, personally or professionally, you’ll have your choice of stores that would be happy to help you.

As many Americans enjoy a relaxing weekend, small business owners will be busy running their businesses.  Every time a business owner flips their sign to “Open,” you continue to carry out an important tradition of helping to build a stronger economy, and chase the American dream. So, this President’s Day, take a minute to reflect on why we celebrate this holiday, and connect with your customers, community and country.