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For Your Business July 10, 2023

Order up! Old National’s Empower Loan Program keeps Casetta Kitchen and Counter in business

A young couple enters a bank, looking for a loan for a start-up women-owned restaurant. In most cases, banks would say no. 

Enter Old National’s Empower Loan Program, designed for businesses with revenues of less than $25 million and more than 50% minority and/or women ownership. The program, which launched in early 2023, is designed to level the playing field for those who may otherwise be turned down for a loan.

Casetta Kitchen and Counter in Madison, Wisc., is one of the program’s first success stories.

Businesses that Build Communities

Partners Seanna Whalen and Nick Larke fell into a golden opportunity in the fall of 2022 – the owners of Casetta were moving out of state and had to either sell the business or close for good. Seanna and Nick had worked for Casetta for years and didn’t want to see the Madison staple disappear. The couple has a passion for food and the restaurant business, so they knew this was their chance.

So, they started bank shopping. Madison’s downtown square is overwhelmed with banks, therefore there was no shortage of options. However, when Seanna and Nick met Community Market Manager Jeff Boudreau at Old National Bank, they knew they had found the right banking partner.

“Jeff was more than a dream to work with,” Seanna said. “He really supported us and was always accessible.”

Boudreau said even though they were buying an existing business, in the banking industry, it’s still looked at as a start-up. He was just as excited as Seanna and Nick that Old National could offer the new Empower Loan.

“In my 23 years in banking, I’ve never felt this sense of satisfaction,” he said. “It’s a tough climb for start-ups. Most financial institutions consider start-ups, especially restaurants, un-lendable. At Old National, we’re willing to evaluate these loans based on their merits. Businesses like Casetta’s – they build our communities.”

Initially, Boudreau and Small Business Relationship Manager Diana Brown brought Seanna and Nick through the SBA loan process. Then Brown realized the new Empower loan may work better, since Seanna is the majority owner. She brought in Old National Community Lending Market Executive Tracy Meeks in April 2023.

The Empower loan allows the bank to work with a longer amortization schedule and allows them to reduce payments. The overall process was 4-6 weeks – which is quicker than an SBA loan.

“I met with the borrowers at Casetta and they were extremely busy – the line was out the door. It’s a tremendous feeling to help this small business continue to thrive under new ownership,” Meeks said.

The loan closed on June 16. And while summer is usually a slower time for Casetta, the momentum hasn’t stopped, a great problem to have, Seanna says. She hopes to expand Casetta’s retail business in the future – with more take-home options like take-and-bake cookies, bread, etc.

“We’re so grateful to have the opportunity to do this. It’s been amazing to be a part of this loan program,” Seanna said.

To learn more about the Empower Small Business Loan Program at Old National Bank click here.

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