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CRF Helps Minneapolis Restaurant Ease Financial Indigestion
Watch a video of Tootie’s owners Nick and Lili Johnson
CRF recently announced it provided business financing for Tootie’s On Lowry restaurant in North Minneapolis.
Tootie’s is an important community-gathering place and a landmark in its tight-knit neighborhood, where there are few other full-service restaurants. Unfortunately, Tootie’s suffered financial losses in 2006 and 2007 due to a combination of high neighborhood crime rates and ongoing street repairs.
CRF LENDS A HELPING HAND
Tootie’s owners, Nick and Lili Johnson, leveraged their own personal finances to stay in business throughout 2008. The Johnson’s were determined that the restaurant, which had been in the family since the early 1980s, would not fail.
“At the time, we didn’t think getting a loan was a viable option, given the lack of equity in the business and the declining state of the neighborhood,” co-owner Nick Johnson said. “But as sales started to increase in 2009, we realized that Tootie’s is more than just another restaurant– it is an institution North Minneapolis can’t afford to be without.”
Thanks to CRF and its local lending partners, the City of Minneapolis Department of Community Planning and Economic Development (CPED) and the Metropolitan Consortium of Community Developers (MCCD), Tootie’s was able to buy its operating location and improve cash flow. Now, the restaurant has a thriving following and a Facebook page with hundreds of fans. Tootie’s also is a finalist for City Pages’ Best Hamburger in the Twin Cities.
"With CRF's roots in Minneapolis, we are proud to support a local eatery in a neighborhood that's full of opportunity," said Altman. "Tooties's represents the entreprenurial promise shared by millions of Americans, and CRF is committed to helping businesses like Tootie's achieve their goals for growth and success by expanding access to affordable, responsible lending."
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