Gator Bait Sports Bar and Grill is a full service, casual dining restaurant serving American and Old Florida cuisine. Located in Melrose, FL, a rural and historic community 20 miles north east of Gainesville with a population of almost 6,000 people, it is 100% woman-owned and was started by sole owner/manager Stephanie McCoy in September 2010. Prior to this, Stephanie owned a cleaning company and worked part-time at a local café to help make ends meet. This helped prepare her for the long hours and hard work it takes to operate a successful restaurant. Stephanie is appreciative of her customers and is so committed to her community that Gator Bait donates 10% of net profits to the community and during the height of the COVID pandemic provided over 10,000 free breakfast and lunches to needy families. In January 2019 Stephanie was presented with the opportunity to purchase the property on which Gator Bait is located. Acting on the advice of a friend, she contacted the FL Small Business Development Center at the University of North Florida (FSBDC @ UNF) and met with consultant Mike Chung in the Gainesville office. According to Mike, the initial meeting did not go well. Stephanie shared her vision of turning the property into an entertainment space but was not in a position to access the $350 - $400K she was seeking. “Stephanie had excellent credit, a profitable business, experience, passion and an extremely strong belief in what she wanted to do. However, she didn’t have cash, collateral, hadn’t filed taxes the previous two years, no financial statements and had inadequate financial record keeping. She wasn’t ready, yet, to go to the bank,” says Mike. Together, Mike and Stephanie, prepared a game plan and action steps needed to be completed. According to Stephanie, “Mr. Chung explained in detail the loan process, specific things I needed to do including negotiating a Purchase Agreement that gave me a generous timeline for closing, how best to finance the project based on my situation and how to raise the equity needed.” Despite the COVID pandemic, mandatory closure of restaurants and being in a high-risk industry that saw many businesses close permanently, Gator Bait survived thanks to the federal government assistance (PPP and EIDL grant) and the support of loyal customers. Just a little over two years since meeting Mike and the FSBDC@UNF, Stephanie closed on an SBA 504 loan and now owns the property her restaurant is on. With plans to open a game room, tiki bar and expanded parking combined with the already live music, games, baby gator /crocodile aquarium and watching FL Gator games the local community can look forward to having food, drinks and fun in a family atmosphere for years to come. “Mr. Chung is the best! He explained the loan process and told me exactly what I needed to do to stand a chance of getting financed. Despite COVID, he helped me pivot and change our service model and answered my calls texts and emails at night and weekends.
