Practices

  • Debt Finance Transactional
  • Asset Finance & Securitization
  • Capital Markets Corporate Governance Mergers & Acquisitions Private Equity Restructuring

Admissions & Qualifications

  • 2008, Maryland Bar
  • 2009, District of Columbia Bar

Languages

  • English
  • Chinese (Mandarin)

Education

  • University of Maryland School of Law, JD, 2008
  • Georgetown University School of Foreign Service, BS, 2004

Eric Maurice Fung, Esq.

Partner | Attorney

efung@bandicoot.us

Minneapolis, MN | Taipei, Taiwan

Eric Fung is a founding partner of Bandicoot, and serves as the managing partner for our Taipei office. Eric started his career in law, practicing corporate finance, mergers/acquisitions, and energy law at Constellation Energy Group, DLA Piper US LLP, and Dickstein Shapiro LLP. In 2011, he became an entrepreneur completing a leveraged buyout of a 37,000 square foot supermarket and in-store restaurant in Minneapolis called United Noodles Marketplace.

During his tenure, he successfully accelerated his businesses to sustained growth. His financial acumen and skill in developing high-performing teams resulted in a 350% growth in sales from 2011 to 2020. He also opened other successful business units and locations, including a Woodbury location and a wholesale division. In 2015, he was named one of Minnesota’s “40 Under 40” for his leadership at United Noodles.

In order to solidify the financial health of his companies, Mr. Fung also developed sophisticated bookkeeping, accounts payable, and other workflow systems that eventually led to his becoming a partner of the Minnesota accounting firm AccountPro LLC. In 2019, it merged with and was rebranded as bandicoot LLC, and has over 80 clients.

Eric has a passion for talent development, and driving diversity in both teams and thought. He is an innovative, entrepreneurially-minded leader, who leads with a long-term view on vision and strategy.

In his spare time, Eric loves cooking, working out, and playing Smash Bros. with his nine year-old son. His most firmly held belief is that every dog is The Best Dog.



A SUCCESSFUL SECOND START

RESTAURANT
REVITALIZATION FUND

LEGAL | ACCOUNTING



the challenge

The COVID-19 pandemic brought the hospitality industry to its knees. Restaurants, cafes, and hotels were caught in a vicious cycle of wanting to fully open but lacking the resources they needed to meet demand. Many of our clients struggled as they were forced to close their doors or meet rigid restrictions to protect the health and safety of the public



We focused on getting our clients back on their feet after they were forced to shut down their restaurants and cafes. As restrictions on the hospitality industry began to be lifted, our clients needed to recover from the financial strains of the pandemic to reopen their doors to the public. Bandicoot began to search for options to help our clients to do this, in the form of grants, forgivable loans, and other opportunities uniquely available during COVID-19.


We focused on getting our clients back on their feet after they were forced to shut down their restaurants and cafes.

As restrictions on the hospitality industry began to be lifted, our clients needed to recover from the financial strains of the pandemic to reopen their doors to the public. Bandicoot began to search for options to help our clients to do this, in the form of grants, forgivable loans, and other opportunities uniquely available during COVID-19.


the workflow

In May 2021, Bandicoot seized a vital opportunity on behalf of its clients that many other accounting firms missed - the Restaurant Revitalization Fund.

The Restaurant Revitalization Fund (“RRF”) was designed by Congress as part of this year’s American Rescue Plan Act. About $28.6 billion worth of RRF grants were awarded to restaurants, bars and food trucks throughout the nation. RRF grants do not need to be repaid and are more flexible than loans under the Paycheck Protection Program, answering a call from restaurant and bar owners for more versatility with relief funds.

The program provided restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Money could be used for eligible expenses like mortgage, rent, debt, utilities, business operating costs and similar necessities before March 11, 2023 does not have to be repaid.



With Bandicoot’s assistance, many of our clients received this crucial funding that allowed them to rebuild their restaurant business with no repayment requirements.

In fact, Bandicoot was able to acquire priority access by identifying factors unique to our clients, permitting them to apply early and ensure access to the funds.



With Bandicoot’s assistance, many of our clients received this crucial funding that allowed them to rebuild their restaurant business with no repayment requirements.

In fact, Bandicoot was able to acquire priority access by identifying factors unique to our clients, permitting them to apply early and ensure access to the funds.



the case


For example, because of Bandicoot’s proactive and early application on behalf of one of our clients, they received over $700,000, approximately ten times the size of their Paycheck Protection Program (“PPP”) loan, to rebuild their restaurant chain and put their business back on track. They were able to use the funding on operations, payroll rent, utilities, and debts, allowing them to reach their pre-pandemic success. Bandicoot provided guidance as to the appropriate uses of the funds so as not to incur repayment requirements.

In addition to the RRF, Bandicoot obtained a PPP loan and the Hennepin County Grant (in Minnesota) for our clients, maximizing their chances for a successful second start.



in conclusion

As a result of our efforts, not only were our clients able to reopen fully and resume their restaurant businesses, they were able to outpace their previous success. Bandicoot continued to assist them to scale up. Nothing makes us happier than seeing our clients succeed.