Aiken Fish House and Oyster Bar, owned by South Carolina natives Damian and Rachael Blevins, has been a local favorite since its opening in the spring of 2019. With 30 years of restaurant experience, the Blevins family has built a seafood destination known for fresh flavors and a welcoming atmosphere. When the opportunity arose to take full ownership of the business, Damian Blevins turned to an SBA loan to make his vision a reality.
Navigating the Need for Financing
Like many small business owners, Damian faced the challenge of financing a partner buyout. The SBA loan he secured covered not only the buyout but also provided working capital and covered closing costs.
“This was my first attempt at securing a loan,” Damian shared. “We had discussed numerous times the possibility of me purchasing the business, but we were unable to agree on terms in the past.”
While Damian had considered other financing options, he ultimately chose an SBA loan due to its favorable terms. In fact, he had been reviewing SBA loan requirements for some time, originally considering an SBA loan to open his own restaurant before reaching an agreement on the buyout.
Finding the Right Lender Through SBALenders.com
Damian’s search for an SBA lender led him to SBALenders.com, where he was quickly connected with a top SBA lender.
“SBALenders.com was super efficient and got me in touch with an SBA banker quickly after completely their lender match form,” he said.
The SBA bank’s lending team proved to be the perfect fit for Damian’s needs. From the first conversation with loan officer to the closing process, Damian felt supported every step of the way.
“They were AMAZING! From day one, Benjie, my loan officer, made me feel like he was on my team and working hard to make my dreams a reality. When I transitioned to working with Rachel, my closing specialist, we had weekly check-ins to ensure everything was on track.”
Comparing Financing Options
During the loan application process, Damian explored multiple financing options to ensure he was making the best choice for his business. While one lender was overly aggressive and created a negative experience, another option through his business checking bank presented logistical challenges due to communication issues between the local branch and corporate office.
In contrast, HomeTrust Bank provided the guidance, efficiency, and support Damian needed to complete the process smoothly.
Advice for Other Business Owners
Reflecting on his experience, Damian advises other business owners seeking SBA loans to keep the long-term picture in mind.
“SBA loans are short-term—only 10 years—and they do carry slightly higher interest rates than conventional loans, which can pinch immediate profits during the payback process. But in the long run, you achieve your dream, and profits will increase as your hard work pays off.”
Damian’s success story with Aiken Fish House and Oyster Bar is a testament to the power of SBA financing in helping small business owners achieve their goals. His experience highlights the importance of choosing the right lender and being prepared for the commitment required to maximize the benefits of an SBA loan.