This French Restaurant Will Not Allow Bankers to Dine
Katherine Pendrill — February 17, 2016 — Business
References: thelocal.fr & munchies.vice
Alexandre Callet recently announced that his Paris-based restaurant Les Ecuries de Richelieu will not allow bankers to dine unless they fork over €70,000. The establishment will however permit dogs on the premise.
The unusual move came as a result of numerous banks turning down Callet's request for €70,000 to open a second restaurant. The restaurateur also had significant trouble opening his first restaurant, after he was turned down for a loan on 20 separate occasions. Now Callet is retaliating by forbidding financiers from dinning in his establishment. To drive the point home, he posted a sign in front of Les Ecuries de Richelieu that reads "Dogs welcome, bankers banned (unless they pay an entry fee of €70,000)."
While Callet's decision to not allow bankers in his restaurant may seem extreme, his actions highlight a larger issue of how difficult it can be for young business owners to get support from French banks.
The unusual move came as a result of numerous banks turning down Callet's request for €70,000 to open a second restaurant. The restaurateur also had significant trouble opening his first restaurant, after he was turned down for a loan on 20 separate occasions. Now Callet is retaliating by forbidding financiers from dinning in his establishment. To drive the point home, he posted a sign in front of Les Ecuries de Richelieu that reads "Dogs welcome, bankers banned (unless they pay an entry fee of €70,000)."
While Callet's decision to not allow bankers in his restaurant may seem extreme, his actions highlight a larger issue of how difficult it can be for young business owners to get support from French banks.
Trend Themes
1. Entrepreneurial Financing Challenges - The difficulties faced by young business owners in obtaining financial support from banks present an opportunity for disruptive innovation in the financing industry.
2. Alternative Funding Platforms - The rise of alternative funding platforms can provide a solution for entrepreneurs who face barriers when seeking traditional bank loans.
3. Banker Stigma in Business - The exclusion of bankers from certain establishments reflects a growing negative perception and potential disruption in the relationship between banking professionals and other industries.
Industry Implications
1. Fintech - The fintech industry can capitalize on the difficulties faced by young entrepreneurs in obtaining traditional bank loans by offering innovative financing solutions and platforms.
2. Hospitality - The hospitality industry can benefit from the rise of establishments that exclude bankers, catering to a niche market and potentially offering specialized services or experiences.
3. Business Consulting - Business consulting firms can provide guidance and strategies for entrepreneurs navigating entrepreneurial financing challenges and seeking alternative funding options.
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