SBA 504 Loan Finances New Restaurant Franchise Model in the Inland Empire
A Small Business Administration (SBA) 504 loan has paved the way for a brand-new franchise model in the Inland Empire region of Southern California. In 2017, Archibald’s restaurants opened their sixth location in Menifee. This location will now serve as the company’s flagship for a new franchise model, and will open the doors of small business ownership to others. Enterprise Funding Corp., the Inland Empire’s local Certified Development Company (CDC), facilitated the $4.8 million project for business owner Andy Sehremelis.
Taking on the vibe of a sports-themed casual dining experience, Archibald’s newest location strives to blend the ease of a fast-food restaurant with the aesthetic and quality found at a more expensive restaurant brand. Falling into the “fast-casual” category provides its customers with the ability to choose a drive-through dining experience or a sit-down meal in their sports-appointed dining room, featuring sports memorabilia and multiple games streaming on state-of-the-art televisions. For a population looking for delicious, quality food items in a faster environment than a typical casual dining restaurant, Archibald’s hits it out of the park. Menu items include: breakfast favorites, like waffles, eggs, and breakfast burritos, Mexican fare, burgers made from 1/3 lb. Angus beef patties, sandwiches; including gyros and a Philly cheesesteak, and even salads, for those looking for a lighter fare. Craft beer and wine lovers will enjoy a diverse selection sure to please any palate.
In addition to setting the highest standards for food quality and preparation, Archibald’s franchise model has created top-of-the-line standards for the materials and equipment used in building the restaurant. All of these items, including the exhaust, HVAC, and air-handling systems, are the newest and most-efficient models available on the market. All of these standards will apply to its franchise locations.
The SBA 504 loan financed through Enterprise Funding Corp. brings the benefit of fixed-rate financing and long terms. This is the fourth loan the company has financed for Mr. Sehremelis. The $4.8 million project included financing for land, construction, furniture, and equipment, and had an effective fixed rate of 4.30% for 20 years.
Mr. Sehremelis has been working with Enterprise Funding for 10 years and wouldn’t consider using another source for financing, “Jeff Sceranka is a hammer, he and his team get the job done to make sure that funding is provided on time.”
Jeff Sceranka, president of Enterprise Funding, remarked, “Mr. Sehremelis is a perfect example of a small business person that keeps innovating his product. He also makes great use of the 504 program to leverage his business assets and put more money to work for his small businesses and their customers.”
The SBA 504 loan product is a powerful tool for businesses that are in the market to purchase commercial real estate, land, equipment, or to finance construction projects. It offers fixed rates and terms that are designed to preserve working capital for business owners. Ready to find out more? Call (909) 792-3803