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8/1/2018

Arby's Testimonial

Even if you’ve never been to an Arby’s restaurant, you’ve probably seen their commercials and heard their famous tagline: “We have the meats.” The concept of this restaurant came from an idea the Raffel Brothers had back in 1964. They thought there was a market for a fast food franchise based around something other than hamburgers, and they were right.

Though the brand is now owned outside of the family, Jim Raffel, son and nephew of the two Arby’s founders, is keeping the dream alive 54 years later.

Raffel, owner of three Arby’s locations in Maine, has been a franchisee in the brand since 1978. “My father and uncle sold the company in 1976, retired in 1978, and my brother and I moved to Maine to open franchises,” he said. “The brand is doing great right now with great marketing and products.”

Just like most franchises, Arby’s has gone through some changes over the years that required updates to the stores and new equipment in all locations. Raffel decided to take advantage of financing to pay for those upgrades.

He now has a long-standing relationship with CIT Direct Capital, having completed 19 financing transactions over eight years, and couldn’t recommend the company and his finance manager, Jeff Matos, enough.

“Jeff is so professional and so proactive,” Raffel said. “He has a knack to call me periodically and ask if I have any needs.”

Matos has worked with Raffel from the very beginning and said it took him some time to realize the connection between the Raffel Brothers and Jim. After helping Raffel for the first time in 2010 when CIT Direct Capital financed some HVAC equipment, Matos said, “We’ve had a great working relationship ever since.

“Jim’s always been a pleasure to work with and is very modest about his ties to the company’s founders. I’m looking forward to many more years of working together.”

Between equipment upgrades and a construction loan, Raffel said having Matos and CIT Direct Capital as finance partners has been helpful with cash flow. “It also helped me stay current with equipment,” he explained. “There were times when I didn’t have the cash flow to buy things and it was very helpful for me to update my stores.

“When I do a deal, it’s prompt and accurate. The people at CIT Direct Capital processing the leases are good to work with, and it’s very easy.”

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