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Home > Success Stories

SUCCESS STORIES
Business Name: Power House Equipment
 Type of Business: Equipment Rental
April 2006
Challenge
Power House Equipment developed a strong customer base and was ready to grow their business. They had a problem with existing debt that needed to be restructured. Their debt consisted of a bank loan with a balloon payment and several equipment finance leases at high interest rates. The business was doing very well, with certain equipment always rented out. They realized that if they had the capital to purchase more equipment, their sales would continue to grow. They needed to refinance existing debt with better terms and rates to improve cash flow. Story Picture
 
Solution
We reviewed all their loan notes for SBA refinance eligibility. All of the existing debt of Power House Equipment was eligible for SBA refinancing. Refinancing the equipment leases improved cash flow by at least 20%; the bank note was eligible because of the balloon payment, considered unreasonable terms. We showed the customer that with an SBA loan we could indeed improve their monthly cash flow. An SBA loan was structured that reduced their existing monthly debt service by over 40%, a substantial improvement. We also provided funding for new equipment purchases, working capital, and financed the closing costs! We met the borrower’s needs and solved their problem.
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Business Name: Family Food Distributors, Corporation
 Type of Business: Supermarket
June 2006
Challenge
Family Foods is a food market located in Orlando, Florida which currently operates two locations. Our client base consists mainly of members of the Caribbean community, and we pride ourselves on having two of the top Caribbean-based stores in Orlando. Recently, the opportunity to open a third location presented itself. We felt very confident and excited about opening a third store, but didn’t know where we would we get financing? By coincidence, a friend we were having a conversation with told us to call Orlando Vega from Popular Small Business Capital. Our friend told us that Orlando Vega had helped him with an SBA loan for a startup business similar to ours. We were a bit skeptical at first because we thought that bank financing was very difficult to get and it would be a waste of time. We were wrong. It just took one phone call to Orlando Vega and we got the ball rolling. After a few initial meetings, and after we prepared a few documents together, Popular Small Business Capital issued Family Foods an approval for $1,228,500.00 toward business expansion and improvements. That phone call to Popular Small Business Capital was the best phone call we have ever made.
 
Solution

Family Food Distributors Corporation was interested in expanding their corporation. They have two supermarkets in a low income neighborhood in downtown Orlando, Florida. The corporation was interested in some leasehold improvements and wanted to purchase modern equipment for the two stores. In addition for the one that they are interested in opening they needed to secure inventory and finance closing costs. We suggested a Small Business Administration Guarantee Loan and in a timely manner we had the loan approved.

With this loan from Popular Small Business Capital, our family business can achieve almost limitless growth. We really believe in our product, and now this opportunity gives us a chance to succeed in ways we have only dreamed of. Popular Small Business Capital opened many doors for Family Foods. This is our first real encounter with bank financing and we are confident it will undoubtedly open more doors in the future as our relationship with the bank grows. We also now have the means to open our third store with more to come. Finally, in addition to our business expansion, Popular Small Business Capital has also offered interesting options related to our commercial business checking accounts that are perfectly geared toward our business and we look forward to using.
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