Is your restaurant at risk? Wealthy NC donor wants to cut you a check.

Raleigh, Durham, Charlotte and other North Carolina cities had developed vibrant downtowns with help from a wave of creative and ambitious new restaurants.

But to survive during the pandemic, those restaurants will need their patrons’ support more than ever when some are closed or operating at reduced capacity.

Some food lovers are doing their part by ordering take-out and tipping generously. There are online fundraisers. But a broader and more organized effort is needed if they are to be saved.

In Raleigh, one man is launching such an effort by offering the city’s beleaguered restaurants loans with terms that sound like they were written by Santa Claus: less than 1 percent interest and no payments for seven years.

The man, who has done very well with a Triangle communications technology company, asked that I not name him. “I do not want this to be about me,” he said. “I want it to be about Raleigh and a way that Raleigh is coming together in uncertain times.”

So far, he’s given out a dozen loans worth more than a half-million dollars. He provided a $75,000 loan on Monday and a $100,000 loan on Tuesday. There’s no loan application. He has a 30-minute conversation with the restaurant’s owner, checks their status with their landlord and their creditors and decides on providing a loan.

If a recipient can’t pay on the loan after seven years, it’s unlikely to be a problem. “Any lender who is prepared to lend money on these terms is likely not to be hostile in the event of nonpayment,” he said.

One restaurant owner sent him a thank you note that said: “Your nurturing hand during this difficult time will likely be the difference between success and failure for those that you touch.”

His generosity is impressive, but hardly enough. Restaurant culture depends not only on the skill of chefs, but the support of diners. If the restaurants are to survive, they’ll need the help of their communities.

In the San Francisco Bay area, Mark Zuckerberg and his wife, Priscilla Chan, have given $100,000 each to eight of their favorite restaurants. Wealthy patrons in North Carolina could do the same. Private money could be pooled into a loan fund along the lines of what the anonymous lender is doing alone.

The Raleigh lender said he chose to give money as loans rather than as gifts because a gift would create tax obligations for the restaurant owners and could jeopardize arrangements they’ve made with their creditors during the shutdown. He hopes others will follow his initiative.

I spoke with one owner-chef who has received one of the loans. She said it was vital, as some expenses continue even though her place is closed. The federal government’s relief for small businesses ran out quickly, she said, and bank loan applications can take weeks and may be denied.

“It’s been so hard to get some meaningful financial support,” she said. “Being able to talk to him and in 24 or 48 hours get a loan, it’s a dream.”

Many are suffering financially during the shutdown, but restaurants especially so. Those with resources would do well to put a share of their good fortune at the service of good food and the local culture it supports.

“Restaurants have been a really critical part of how Raleigh has evolved,” the lender said. “We need to do everything possible as a community to maintain that level of energy that we all enjoyed and all benefited from.”

At some point, North Carolina will reopen its economy, but unless those who can provide act now, some restaurants may be closed permanently. To avoid that loss, it will take diners who are willing to serve.

Those interested in making or seeking a restaurant loan can write to: adoptarestaurant@gmail.com

This story was originally published May 13, 2020 at 3:48 PM.