Chef Sungchul Shim has experienced the highs and lows of working in the restaurant industry. Over the last 20 years, Chef Shim has worked his way up the ranks and ultimately opened his first restaurant, Kochi (“skewer” in Korean) in 2019 in Manhattan. And he didn’t stop there: he went onto found four more Manhattan-based restaurants in the coming years, each of which drew on his Korean heritage: Mari, which opened in 2021; Don Don Korean BBQ and MariNe Handroll Bar, which both opened in 2023; and most recently Gui Steakhouse.

In many ways, Chef Shim was flourishing: his restaurants built a following and were a hit with critics, as both Kochi and Mari earned a prestigious Michelin star. But no small business – particularly restaurants, with their notoriously tight margins for financial success – is immune to difficult times, and Chef Shim was experiencing his own when he first met with Renaissance in July 2024. At the same time Mari was going through its slow season experiencing cash flow issues and Chef Shim was in the process of expanding to his fourth business, Gui Steakhouse, which was struggling to obtain the necessary permits to open. Even worse, the chef was in the middle of repaying a predatory loan. There is a saying that when it rains, it pours! Chef Shim was feeling the financial pressures from everywhere.

Fortunately, Renaissance was able to assist him with his cash flow crunch. In order to help Mari through slow season, Renaissance’s Business Advisors helped Chef Shim complete a loan application. With the support from the SBA Microloan program, Renaissance was able to provide Mari with a working capital loan in September 2024 which helped him overcome that slow season. Today Mari is doing well and once again thriving.

At the same time, Renaissance gave Chef Shim technical assistance for his other business, Gui Steakhouse, and connected Chef Shim with the NYC Business Express Service Team (BEST), which helped expedite the restaurant’s permit approval process. With Renaissance working closely with Chef Shim each step of the way, Gui Steakhouse officially opened on February 22, 2025.

Each day, Chef Shim further solidifies himself as one of New York City’s most impressive restaurant owners, and Renaissance is fortunate to partner with entrepreneurs like him. With his combination of skills and determination, we’re excited to see where he – and his restaurants – go next.

‍

Visit Mari