Sask. restaurant facing possible bankruptcy as pandemic loan payments approach
CBC
Miren Elordi is determined to keep her restaurant afloat, despite the potential for bankruptcy looming over her.
Elordi used her savings to fulfil her lifelong dream of owning a business when she opened a Press'd Sandwich Shop franchise on Scarth Street in Regina in 2019.
The pandemic hit a year later. Elordi said she's been struggling to make ends meet ever since.
"We're just trying to survive every month," she said. "More than two years has been a loss for us."
Like many other businesses, Elordi took out a Canadian emergency business account (CEBA) loan. The loans were given out to help businesses impacted by the pandemic.
Elordi got $60,000, and has to pay back $40,000 after some loan forgiveness.
CEBA loan repayments are scheduled to begin on Jan. 18. Elordi said she can't afford them.
"What we're earning right now, it's almost enough for monthly expenses," said Elordi. "January and February are always low — we're expecting half of what we're earning right now — and it's probably a loss again if I add more expenses."
Elordi is working on getting a new loan from a bank to help with all of the costs.
"My accountant is actually asking me, 'do you want to file for bankruptcy?'" she said.
Elordi said she wants keep her business going and is working hard to do so.
"It's my first business. I don't want to give up just like that."
She has raised prices and stated catering, which she hopes will boost sales this holiday season. She has also switched suppliers to reduce food costs.
She said she doesn't want to close her doors, but her patience is wearing thin.
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