Local Business Building New Facility in Osceola County Using SBA-Guaranteed Loan
January 18, 2017
FOR IMMEDIATE RELEASE
Orlando, FL – Success costs money. Business owners learn quickly that they often need additional funds to finance their growth. Sometimes it can come from their cash flow. Or an investor. Or from a bank. One thing is almost certain: if a business is going to look externally for financing, they are going to need a business plan with reliable and defendable financial forecasts.
And that is where Javier Berrios, President of Eagle Equipment Service 1, Corp. found himself. Eagle Equipment Service 1 is in the business of maintaining and repairing waste and recycling equipment. From its workshop in Kissimmee, Florida, the company services trash compactors, balers and other waste management machinery, including providing welding repairs, hydraulic repairs and electrical troubleshooting to manufacturers, warehouses, apartment complexes and grocery stores across Central Florida.= and the Tampa Area.
Business has been booming for Eagle. So much so that the company has outgrown its current 3,000 square foot facility just servicing its existing customers. And Berrios sees the opportunity for further growth by expansion into waste recycling. But in order to maintain its momentum and position itself for future expansion, Eagle Equipment Service 1 needs more space.
And so, after starting Eagle Equipment Service in 2009 and building it into a successful business, it was time to find a larger space. Berrios decided that his best option was to buy land and build his own building, and approached a local bank for a loan. They requested a business plan and referred Berrios to the local Small Business Development Center (SBDC) for assistance with putting a plan together.
Fortunately, Javier Berrios is a serial entrepreneur, having started businesses in Pennsylvania with the assistance of the local SBDC. With their help, he was able to obtain a Small Business Administration (SBA) guaranteed loan that funded the growth of his companies there. Having benefited from the SBDC up north, he was quick to turn to the Florida SBDC and eventually Rafael Martinez-Pratts, a consultant and the Area Manager for the Florida SBDC at UCF – Osceola County.
According to Berrios, Pratts provided significant assistance with his business plan, making sure that the financial forecasts were sound and that Berrios was able to answer any questions the bank might have. “Rafael and the SBDC have helped me out a lot,” says Berrios. “Not only with my business plan but also with valuable market research, identification of relevant local regulations and permits and introductions to local business and government leaders.”
“The Florida SBDC has a lot of knowledge and expertise that I don’t have,” he continued. “With their help though, I am able to make this business even more successful, including being approved for the loan I wanted: a $700,000 SBA-guaranteed loan for the purchase of land, construction of a new, 12,000 square foot facility and additional equipment. Thanks to the help of the SBDC, I’m now ready to build my building, hire more people and grow my business here in Osceola County.”
About the FSBDC at UCF
With its main office in the National Entrepreneur Center located at the Fashion Square Mall in Orlando, the Florida SBDC at the University of Central Florida (FSBDC at UCF) is part of the UCF Office of Research & Commercialization and the Florida SBDC Network (FSBDC Network). THE FSBDC at UCF provides business seminars and no-cost, one-on-one business consultation to emerging and established businesses. The FSBDC at UCF serves an eight-county area that includes Brevard, Flagler, Lake, Orange, Osceola, Seminole, Sumter, and Volusia counties and maintains 10 service centers across Central Florida.
In 2015, the FSBDC at UCF served almost 7,000 entrepreneurs in Central Florida through consulting and training, resulting in more than 7,300 jobs created, retained or saved; $990 million in sales growth; $74.4 million in capital formation; $101.7 million in government contract awards; and 111 new businesses started.
About the FSBDC Network
The FSBDC at UCF is a member of the Florida SBDC Network, a statewide service network funded in part through cooperative agreements with the U.S. Small Business Administration, Defense Logistics Agency, State of Florida and other private and public partners. The Florida SBDC Network is hosted by the University of West Florida and is nationally accredited by the Association of SBDCs. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA.
For over 35 years, the FSBDC Network has nourished a statewide partnership between higher education and economic development organizations, dedicated to providing emerging and established business owners with management and technical assistance, enabling overall growth and increased profitability for the businesses and economic prosperity for the state. The FSBDC Network is a statewide service system of 41 centers with 60 outreach locations, including the FSBDC at UCF.
In 2015, the Florida SBDCs served almost 45,500 entrepreneurs and small business owners through consulting and training, resulting in 217,849 jobs created, retained or saved; $29.3 billion in sales growth; $947.4 million in capital accessed; $2.1 billion in government contract awards; and 3,857 new businesses started.