Hello Ashley,
Being a promoter of local pin clubs, I receive emails all the time with details on club's pin meets.
Most of the time the pin meets are held at the food court of the local mall. Occasionally for special events hotel conference rooms and meeting rooms are used, but like you said, they can be costly.
The CJDPT (Central Jersey Disney Pin Traders) of which I am a member until recently has met twice a month for around 9 months at the local mall food court, but when our group reached 50 to 60 per meet the food court retailers complained that we were taking up too much space so we were told by mall management not to have our pin meets there anymore.
They did invite us to use their community rooms (most malls have them) but it cost $50.00 per day (room capacity - 30) so we declined.
We are still looking for a venue for our pin meets and may be working out a deal with the local library. The do not charge a fee surprisingly enough.
My suggestion is to check mall community rooms, firehouses, VFWs, Moose Lodges (or any other kind of lodge) American Legion halls and other libraries. Your suggestion of a restaurant with a small banquet room is a good idea too.
Sadly enough, it is getting difficult to find places to meet without spending a lot of money.
Good luck,
Jeff (Buddy Bear aka Pin Clubs) Langdon
Pin Clubs Founder
http://www.pinclubs.com
CJDPT Member
http://www.pinclubs.com/cjdpt/