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Holiday Cafe Expands with $1.4 Million Loan
At Enterprise Funding Corp., our mission goes beyond getting Small Business Administration (SBA) loans for businesses in Southern California. Our mission is to build communities and strengthen local economies, one small business at a time. During the past 17 years, 65 percent of new jobs were created by small businesses; jobs that are only possible when a business has the financing necessary to grow and expand. When we can help keep businesses growing, we keep families flourishing and dreams alive. This is not only our mission, but also our passion.
When Holiday Café was ready to expand and build their new restaurant at 931 N. Milliken Ave., directly across from the Ontario Mills Mall, Enterprise Funding stepped in to make it happen. We facilitated a $1.4 million loan and followed the standard 50/40/10 loan structure for SBA 504 loans; 50 percent of the loan was provided by Capital Bank, Enterprise Funding contributed 40 percent, approximately $413,000, and the remaining 10 percent was provided by Holiday Café.
Holiday Café was particularly rewarding to work with because it’s exactly the kind of business that the SBA’s 504 loan program was designed to help; a family-oriented business that is looking to grow and add jobs to the local economy. Enterprise Funding President, Jeff Sceranka, remarked, “The Café offers a family-friendly, casual dining environment and serves up giant portions at a great value. Because the restaurant is in such a great location, near one of Southern California’s premiere regional shopping malls and immediately north of Interstate 10, we are anticipating great things for their future. When a business provides great service, great food and great value in a fantastic location, it’s easy to see success on the road ahead. One of their objectives in obtaining this loan was to bring as many as 20 jobs to the local economy, and I’m confident they will meet that goal. When they do, we at Enterprise Funding will be grateful for the opportunity to have helped them.”
All SBA 504 loans, while backed by the Small Business Administration, are administered through local non-profit Certified Development Companies, like Enterprise Funding. The goal of the SBA in offering the 504 loan program is to create jobs and promote economic growth, but there are some conditions attached to taking advantage of this program. Small manufacturers must create one job for every $100,000 they receive, while all other sectors must create one job for every $65,000 in financing. Because CDCs, like Enterprise Funding, operate as non-profits, all of the proceeds of the loans that go above and beyond business operating costs are put back into the community in which the CDC is located. This allows for an additional level of economic growth and community development.
The success of Holiday Café and other businesses that Enterprise Funding has been able to help in the Inland Empire show the efficacy of the 504 loan program. We have been successful in helping businesses in a wide variety of industries utilize the power of the program to build their businesses and change their communities. To name just a few, we’ve helped companies in the retail, restaurant, medical and even in the aerospace industry. It is a great feeling to know that we are actively participating in adding jobs to the local area. We believe there are many other businesses out there that could benefit from this program, and that these loans could help bolster the kind of economic growth that is vital to our community. It’s undoubtedly the best way for a small business to get started or expand and we would encourage any business thinking about expanding to consider this competitive loan. Enterprise Funding strives to help as many local entrepreneurs and businesses as possible, and to create economic activity in the Inland Empire and Southern California. Your business could be our next success story, and we’d love to make that happen.
If you’re a small business owner looking for financing in Southern California, give Enterprise Funding a call at (909) 792-3803, we’d be delighted to help you.