John Van Rite has been working in the restaurant business since he was a kid – his parents own The Rite Place, a long-time staple in the east Green Bay restaurant scene. When the opportunity came up for he and his wife Nicole to own the newly built restaurant called “The Ravine,” it was a dream come true. But as newlyweds in their mid-20’s weren’t sure they could afford it.
The Ravine was built in 2007 and at that time, John and his father were running the restaurant while leasing the building. In 2013, John’s father decided to retire and John and Nicole began running the business on their own. They immediately started looking for options to own the property instead of leasing.
“We had already been doing our day-to-day banking with Denmark State Bank,” said Nicole. “We felt very comfortable with them, and had confidence in their ability to help us.” But when they saw the amount of money needed for a down payment on the property, they were intimidated. “We knew purchasing the building (vs. leasing) was better in the long run, but we didn’t know how we could afford the down payment.”
Enter Ryan Johanek, Business Banker at Denmark State Bank.
Ryan met with John and Nicole and introduced them to the benefits of an SBA business loan. This loan is guaranteed through the government, and therefore provides less risk to the financial institution and requires a much smaller down payment for the purchaser. Ryan then provided them with short-term numbers and the positive, long-term results. “Ryan had everything laid out so we could easily understand our loan, our short-term commitment, and the amount of money we would save in the long run through this loan,” said Nicole. “In fact, the amount of work that we had to do throughout this process was minimal because of Ryan’s commitment to making this happen for us.”
With the help of Denmark State Bank, John and Nicole purchased the building in January of 2014.
John and Nicole can’t say enough about Ryan’s commitment, personal touch and the trusted relationship they have developed with him and Denmark State Bank. “When we walk in, (to the branch in Bellevue) everyone knows us,” said John.
– John & Nicole Van Rite, The Ravine