Perth’s casual dining restaurant Baguette Me Not is growing at a great pace. Not only were they one of the first to use Tyro’s unsecured lending but they have taken out a second loan.
I recently caught up with Venue Manager Tyrone Castillo to talk about how business was going since opening their doors last year. Despite a downward trend in the Western Australian economy, the business took off serving up delicious Bahn Mi to the people of Subiaco, Perth.
“Our customers love telling us how they look forward to their lunch making the best part of their day,” Tyrone said.
Now, a year down the track the budding business had reached capacity and without upgrading their equipment or opening a new site they weren’t able to grow any further. They had been using Tyro Smart EFTPOS since the start of the business so when Tyrone heard that Tyro was launching an unsecured lending product he got in touch.
I walked Tyrone through the set-up process to activate his Tyro Smart Account and get a formal loan offer from Tyro. According to Tyrone, he “found the process of applying, to receiving the funds a very smooth process.” To start with they took a small initial loan to do some maintenance and buy a new industrial toaster.
Within a couple of weeks I noticed a strong spike in the transaction volume at Baguette Me Not. The new toaster was helping them keep up with the lunch rush and bolster profits. They paid down the loan much faster than expected and immediately came back for more.
The second time around, Tyrone and his business partners used the funds toward the opening of their second location. As a growing business, he said they’re often in need of short-term capital and Tyro Smart Growth Funding is the perfect fit.
Repayments are made as a percentage of daily EFTPOS sales, which means they move with the cash flow of the business. Customising and accepting a loan offer in the Tyro App is a simple process that can be done on the fly.
“We are very time poor in hospitality, so the ease of this facility is incredibly helpful,” he said.
I can’t wait to watch the progress of Baguette Me Not as they grow from their first to second location, and beyond.
If you’re looking for capital to grow, please ask us how Tyro can help your business.
Baguette Me Not
8/388 Hay St