LOCAL BUSINESS ASSISTANCE
ith the help of SBA-backed financing, Jae Kim’s entrepreneurial dream expanded
financing he needed with the right terms, even though his revenue grew since he first opened in 2010 and he was creditworthy. The SBA Solution Jae says business collaboration gave him the ingredients he needed to succeed. “I hired the right people, I listened to them, I learned and brought ideas to collaborate”, he says. “Then we started growing.” With that business growth, earned through time and diligent record keeping, he was able to qualify for SBA-backed financing. The SBA guarantees loans made by lending institutions to small businesses that cannot find conventional financing elsewhere. With this foundation for success, he started his restaurant chain. What was the benefit? The SBA gave Jae the boost he needed to achieve his vision of becoming a top Korean barbecue brand in central south Texas. Using his SBA-backed 7(a) loan, Jae opened six more locations,
employing 120 people full time. Jae says the SBA helped him achieve double digit percentage sales year over year. His advice to other young entrepreneurs: “Dream Big. Write a plan. Execute the details. Don’t give up. Be willing to listen, learn, and adapt at all times.”
across Austin. His Korean barbecue concept, known for its kimchi fries and Korean barbecue inspired bowls, can now be found in seven popular locations around Austin. The Challenge Jae needed the business guidance to get him to the place where he could qualify for financing. In the beginning, he maxed out his credit cards and pulled from his savings to start a food truck. He had never served food from a truck, much less driven one. He also didn’t expect to have such a slow start to the business–his first day of sales was only $7. So Jae wondered how he was ever going to save the money to open a brick and mortar. It can be difficult for small businesses, especially those in the food industry, to secure capital to expand. Jae wasn’t able to find the
Jae says business
collaboration gave him the ingredients he needed to succeed.
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