FIBT and North Dakota Opportunity Fund Help Customer Finance Family Restaurant
David Garcia's dream will soon become a reality when Senor Egg opens
By: Lewis & Clark Development Group (shared with permission)
It took the encouragement of many people over many years for David Garcia to take a leap of faith and open his own restaurant.
Garcia's faith is about to be rewarded as Senor Egg is close to opening its doors in Williston with renovations nearing completion.
A family restaurant, Senor Egg will serve breakfast, lunch, and dinner featuring south-of-the-border dishes, American favorites, and frequent seafood specials. A liquor license will allow the restaurant to serve beer, wine, and mixed cocktails.
Garcia's long-held and much-cheered on dream is becoming a reality thanks in part to support from the North Dakota Opportunity Fund.
Garcia and his banker, James Bervig of First International Bank & Trust, worked with the North Dakota Opportunity Fund to put a financing package together to renovate the one-time bar located at 2406 2nd Avenue West. The North Dakota Opportunity Fund loan will provide gap funding to complete the project.
“The North Dakota Opportunity Fund loan is providing gap financing on this project. It's working exactly as it is intended to for small business owners like David and his lender. The program allows Lewis and Clark Development Group to be an additional partner to finance these types of startup projects,” says LCD Group Commercial Lending Director Matt Burthold.
“Banks always assume a risk in small business loans and there is almost always some type of a gap in financing. In this case, the North Dakota Opportunity Fund helps mitigate the risk for First International Bank and provides a lifeline for David to make the renovations he needs and open his restaurant's doors,” adds Burthold.
James Bervig echoes Burthold's assessment. "Pooling the talent and resources of the three parties really made sense to us to finance David's project."
Garcia has 18 years of experience in the food industry. He says his kitchen team have worked with him for ten years and are excited to bring something new to Williston and northwest North Dakota.
Bervig said Garcia is not the only one who is looking forward to opening day.
"The community is excited to have a new place for families to dine out. People around here know David. His reputation is second to none in Williston. Family, friends, and co-workers have been so supportive of David. It has been a pleasure working with him," says Bervig.
"I'm so thankful for Matt Burthold and James Bervig for helping put the financing together. They really helped make my dream come true," Garcia says who promises: "We are going to provide the best food in town."
Who is FIBT?
First International Bank & Trust (FIBT) is a full-service, family-owned, independent community bank serving a wide range of communities across North Dakota, South Dakota, Minnesota, and Arizona.