From initial conversation through closing, Ryan Clayton has been pivotal to the process and bringing the transaction with Dogwood State Bank and the SBA to a successful conclusion. He is a true professional – knowledgeable, responsive, and resourceful. Ryan fully understood the long-term vision and complexities of the proposed transaction and worked with the entire Dogwood team to guide it to closing. The Dogwood team was uniformly professional and skilled in bringing the process to closing and establishing the groundwork to support the transaction through its term.
Client Profile
Brandwein’s Bagels is a startup bagel shop, offering freshly made, boiled, and baked New York-style bagels and bagel sandwiches in a vibrant, community setting in Chapel Hill, North Carolina. Their bagels are made using five classic ingredients: yeast, barley malt (shipped directly from a New Jersey provider), locally-sourced Lindley Mills flour, water and salt, baked from scratch daily to ensure the highest quality and delicious taste. In addition to their selection of traditional bagels, they offer a range of homemade cream cheeses in a variety of flavors, as well as deli sandwiches, bagel chips, homemade salads, house blend coffees, and more, with catering and subscription services for more ways to enjoy their products. Each of their recipes are carefully tested and refined with attention to flavor and texture. Brandwein’s Bagels is the only bagel sandwich shop located in the downtown area of Chapel Hill/Carrboro, providing a welcoming spot for visitors, locals, and students.
Loan Profile
Alex Brandwein, founder of Brandwein’s Bagels, developed the business model while pursuing his MBA from the Kenan-Flagler Business School at the University of North Carolina and opened the shop shortly after graduation. With a background in investment banking and private equity, Alex was well-poised to assess the business proposition of opening the shop, as well as make financial decisions and critically analyze the expansion opportunity. Following months of market research and a series of successful pop-up events, Brandwein’s Bagels opened its brick-and-mortar shop in August 2020, bringing a small taste of Alex’s home state of New York and filling the void for a local, authentic bagel shop in downtown Chapel Hill/Carrboro. In pursuit of financial backing to expand the startup’s operations, Alex was referred by his attorney to Ryan Clayton at Dogwood State Bank. Together, Alex and Ryan determined the SBA 7(a) Loan to be the best solution, which provided the needed flexibility, competitive rates, and prepayment terms, including an interest-only period during renovation. The SBA Loan Program offered long-term financing to cover the acquisition of real estate, as well as fund the construction and renovation costs. It has already had a tremendous impact on the business, providing the lion’s share of funds needed for the acquisition and expansion.
To learn more about our SBA financing solutions and whether the SBA Program could be a good fit for you or your client’s business, visit our website! Business Lending Specialist, Ryan Clayton, and the rest of our team are here to be a resource for you.
