Sometimes the need for a small business loan is to renovate a store; sometimes it is for working capital, and sometimes as in the case of Market Fine Wine & Spirits, there was a need for an inventory loan.
Dave Raspallo bought Market Fine Wine & Spirits in Johnston, Rhode Island three years ago. Since then he has reenergized a business that had occupied the location for 10 years, doubling the size of his business both in customer count and gross receivables. Mr. Raspallo recognizes the importance of community and is a proud Johnston, Rhode Island resident, chamber of commerce member, and significant contributor to many local charities.
With the business growing and every month better than the last, Dave knew that he would need to invest heavily in inventory to keep up with the busy summer season. After investigating a number of different options, Dave applied for a loan with On Deck Capital. Based on his strong cash flow, On Deck quickly funded Market Fine Wine & Spirits and Dave invested in his inventory before the summer began.
We spoke to Mr. Raspallo in August, and he told us “The On Deck loan has worked out exactly as planned – we used it to buy much needed inventory for the May through July summer busy season. May, June and July were the busiest months in the store’s ten year history for the perspective month. In fact, July was our 22nd consecutive month of highest sales/customers for the month. 2009 was the busiest in the stores then nine year history (by over 30 percent) and 2010 is tracking almost 15% over last year”
We would like to extend congratulations to Dave Raspallo and the other 12 employees over at Market Fine Wine & Spirits, – we are thrilled that we could be a part of your success!