In the summer, The Water Wheel Breakfast and Gift House is a bustling business with full tables, delicious food, and happy customers. But growth always brings its share of trials. NCIC helped the Water Wheel with its one-on-one Financial Technical Assistance program and lending solution.
The Water Wheel Breakfast and Gift House is a family business owned by Kevin and Tricia Arakelian and located on Route 2 in Jefferson, New Hampshire. It takes its name from a water wheel on the property that was transported from Pennsylvania in 1939 and used to generate power.
Business was good, but the accounting was challenging. NCIC provided additional financing, and also enlisted Barb Candar, NCIC’s Financial Technical Advisor, to teach Tricia new record-keeping systems and methods to utilize financial information to evaluate performance and decision making.
NCIC’s loan participation helped the Arakelians free up capital while establishing a line of credit for the business. Tricia Arakelian says, “I am really grateful for what NCIC has done for us. It has helped my cash flow and my emotional state tremendously.”
NCIC’s Business Resource Manager, Dave Keenan, developed a solution tailored to the Arakelians’ needs. Keenan notes that the situation with the Water Wheel Breakfast and Gift House is similar to many small businesses. According to Dave, “We can partner with any kind of financial institution. For example, a bank might ask NCIC to work on a project because of a cash flow issue or a collateral issue or because the bank has reached its legal lending limit for a particular borrower. NCIC will step in and work with both the bank and the borrower to make the deal happen.”
Dave says, “We meet with lenders in our area on a regular basis. We like them to feel that NCIC is one of their resources when trying to help their customers. Conversely, when NCIC is asked by the borrower for help, we work with their lenders. This banking partnership is critical to the overall success of all parties. With NCIC’s ability to deliver technical services for financial management and marketing assessments, we strengthen the performance of the business. It is good for the business and our banking partners.”
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Water Wheel Facts and Figures
Average number of customers per summer day: 500-600
Number of eggs used in one year: 14,000 dozen
Number of potatoes cooked annually: 7 tons
Number of pounds of fudge bought each week in the summer: 300
Number of pancakes made in one year: 160,000
To learn more about the Water Wheel Breakfast and Gift House, visit their Facebook page.