Low Tide Steakhouse

It was amazing to us how fast we were able to get this loan closed. Charles Evans is a great person and always went out of his way to get things done. The entire team was amazing. If you have access to Dogwood State Bank for a small business loan, they are absolutely the way to go. The personal connection is second to none. I have worked with a lot of banks, and this was the best experience I’ve had.

Client Profile

Low Tide Steakhouse is a local steak and seafood restaurant located in Surf City, North Carolina. Prior to World War II, Topsail Island was only accessible by boat, where local farmers are said to have driven their livestock across the waterways at low tide to graze on wild beach grass, hence the name, Low Tide Steakhouse. Low Tide Steakhouse provides fresh, prime meats and seafood combined with the quality, personal service of a local, family-owned restaurant. Orders are taken by the cook and meats are cut and cooked to order. Their menu is simple, with a focus on quality and an extensive collection of bourbon and other spirits. With astounding growth in the area and an excellent location, Sal Souto, his wife and business partners decided it was time to open Low Tide Steakhouse.

Loan Profile

After over 20 years in corporate America, Sal and his wife, a CPA with experience in the restaurant industry, and business partners, owners of another local restaurant, decided to switch gears by opening Low Tide Steakhouse. In order to make this business endeavor worth their while, it was important to the Souto’s that they own the commercial property where their restaurant would be located. After finding the perfect location for both locals and vacation-goers, they decided to invest in the property. Charles Evans at Dogwood State Bank Small Business Lending was recommended to Sal through a local lender. With no strings attached, Charles Evans was willing to coach Sal and his business partners. With the numerous benefits of the SBA program, an SBA 7(a) loan for a Commercial Real Estate purchase was determined to be the best option. After coaching Low Tide Steakhouse through negotiations with the sellers, Charles and the team at Dogwood State Bank were able to close the Commercial Real Estate loan in 30 days.

The SBA Loan Program offers unique benefits to small business owners not often found with conventional loan options. Lower down payments, longer terms, and less restrictive collateral requirements allow small business owners to keep more money in their business and focus on growth. To learn more about our SBA Loan Programs and get to know Business Lending Specialist Charles Evans, visit our website.

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