Elyse Dana, a self-taught chef and the owner of Iris Eats Maine, has had what she deems “an unconventional culinary journey.”

She spent a decade cooking professionally on private yachts that sailed up and down the East Coast and throughout the Caribbean.

“But that lifestyle can reach its expiration, and it certainly did for me,” said Dana.

Following her years at sea, she purchased a food truck in 2017 and now has a restaurant in her native Harpswell, Maine, a town in the Gulf of Maine, not far from Portland. She attributes part of the success of her “brick-and-mortar” to the flexibility that financing her equipment through Apex Commercial Capital has afforded her.

Smart Financing Solutions

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Horsham-based Apex, a subsidiary of Firstrust Bank, offers business-friendly financing on hundreds of equipment types — from skid steers to industrial kitchen ovens and MRI machines — and specializes in personalized, flexible credit underwriting to fit the needs of a wide range of buyers and sellers.

“We have a couple of restaurant supply places in Maine, and they’re pretty expensive and hard to deal with,” said Dana. “I have a friend who owns two restaurants, and when he was building the second one, he tagged (Wisconsin-based) Iron Mountain Refrigeration on social media. I saw that and contacted Iron Mountain to inquire about refrigeration units, and they put me in touch with Apex and said that a lot of their clients financed through them.”

Dana, like most entrepreneurs, wasn’t in a position where she could purchase her equipment upfront.

“Restaurant equipment is expensive; you basically have to cough up a few thousand dollars if you want something new,” she said. “I wasn’t prepared to drop thousands of dollars on several refrigerators.”

In a variety of industries, equipment financing offers a smart solution to help businesses get the tools they need without depleting capital reserves. It can also significantly enhance return on investment by allowing businesses to grow, increase efficiency, and stay competitive without the upfront financial burden.

Dana described working with Apex as “an easy process.”

“(Commercial Account Executive) Patrick Hasher made everything super easy,” she said. “I was approved within 24 hours. From start to finish, I had my new equipment in a week.”

National Women’s Small Business Month

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October is National Women’s Small Business Month, a time to celebrate women-owned businesses and their lasting impact on the economy. According to the U.S. Small Business Administration, in 1972, there were a little more than 400,000 women-owned businesses throughout the nation. Until 1988, women needed a male relative to co-sign if they wanted to apply for a business loan. That same year, the Women’s Business Ownership Act increased the SBA’s access to capital to provide financial assistance to organizations geared toward women-owned small businesses.

By 2019, women-owned businesses represented 42 percent of all U.S. businesses and generated $1.9 trillion worth of revenue. Today, there are over 13 million women-owned businesses and counting. Every October, the SBA honors the milestone achievements of today’s women-owned businesses.

Women entrepreneurs often face unique challenges, such as access to capital, mentorship, and opportunities in male-dominated industries. This month provides a platform to discuss these issues and advocate for solutions, increasing awareness and encouraging support for women-owned businesses.

As such, Dana reflected on some of the obstacles she’s faced along her journey to finding her true passion for creating culinary art.

“Being a female entrepreneur definitely comes with its own set of challenges,” she said. “I wasn’t raised thinking that my gender had anything to do with anything I wanted to accomplish. Since I’ve owned my own business, though, I’ve seen some people treat me differently — talk down to me — because I’m a woman. That has kind of taught me different ways to communicate with people and to not tolerate certain behavior. Sometimes, I have to completely eliminate a relationship because it’s not worth it to me.”

In fact, it was Apex that enabled Dana to do just that.

“Refrigeration is one of those male-dominated industries, and we have a guy who rents equipment up here who talks to me like I’m a child,” said Dana. “Apex and Iron Mountain made it possible to delete that relationship.”‍

This article originally appeared on Vista.today on August 8, 2024, and was written by Mark Hostutler. Click here to view the original article.

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