Mighty Quinn’s BBQ Franchisee Teams Up with WSFS Bank and NewLane Finance to Open and Upgrade Their Restaurant
running-a-business | Read Time: 3 minutes
By Eric Springer | Published: September 2023
When Arush Pandya and his wife started their entrepreneurial journey in 2019, they expected twists and turns to open a small business. Like many small business owners, the pandemic added even more challenges to overcome.
“We ultimately decided to become a Mighty Quinn’s BBQ franchisee in February 2020,” says Arush. “We connected with WSFS Bank fairly quickly to begin the funding process.”
Working with WSFS’ U.S. Small Business Administration (SBA) Franchise Lending team, the Pandya’s were able to quickly secure funding for their franchise, but obstacles remained.
“The WSFS team was great, a true partner for us,” says Arush. “We were new to franchising and the SBA, but the WSFS team guided us through the process to secure the capital we needed to get started. Unfortunately, the pandemic contributed to lease and construction delays, but we held tight and started our build in early fall 2021.”
In March 2023, the Pandya’s Mighty Quinn’s BBQ franchise in Union, N.J. opened, and business was humming along when an electrical surge blew out the used ovens they had purchased from the franchisor.
“Even after fixing the ovens, we were constantly dealing with breakdowns and needing to fix them, which hurt productivity and revenue,” says Arush. “We knew we needed to get new ovens, and quickly. Mighty Quinn’s has a preferred vendor for purchasing new ovens, and we contacted WSFS again.”
Financing for equipment like restaurant ovens is often needed quickly, especially when they serve as the backbone of a small business like Mighty Quinn’s BBQ.
Candice Caruso, SVP, Chief Consumer Lending Officer for WSFS Bank, reached out to NewLane Finance, a division of WSFS Bank, to see if they could quickly help the Pandyas.
NewLane, a Top 100 equipment financing company in the U.S., quickly got to work.
“Through our relationship with WSFS Bank, we were able to get a quick decision from NewLane Finance, and they offered the best rate and term,” says Arush. “It was awesome, from a handshake handoff from WSFS to NewLane, we went from application to approval to a fully funded loan for brand new ovens in 11 business days.”
With their new ovens operating at full capacity, the Pandyas are eyeing next steps, including expansion.
“We’re planning for our franchise’s future, and we look forward to potentially opening more locations with financing support from WSFS and NewLane Finance.”
About the Author – Eric Springer
Eric Springer is Vice President, Integrated Communications Manager at WSFS Bank. He brings nearly 20 years of experience in corporate communications and marketing for banking, professional services and nonprofit organizations.
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