Odessa Enterprises. Inc. d/b/a Jack in the Box
I’m a huge proponent of the (SBA 504) program – in fact I brag about using it,” said Mike Norwich, Jr., President/Franchise Operator of Odessa Enterprises, Inc., which owns and operates a total of 12 Jack in the Box restaurants located in El Paso, Texas and Las Cruces, New Mexico. Mike, Jr. was hired by his father (Mike, Sr.) in 1982 as an area and restaurant manager. He has since been President since 1988 and now facilitates and manages all facets of the business and employees. Mike has used the 504 program on two separate franchise expansion projects. “The interest rate and terms are unparalleled. I wouldn’t have expanded any other way,” explained Mike.
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Face & Body Spa Management, LLC
Face & Body Spa recently expanded from their existing location in the basement of the Westin Hotel in Frisco, Texas to a newly constructed 9,300 sq. ft. facility located in an upscale commercial development less than 1000 yards from the existing “Westin Spa” location. “My bank introduced me to Oscar Flores with Capital CDC to discuss my expansion project plans and financing needs,” explained Sharon Steel Medina, the owner of Face & Body Spa. “After lunch with Oscar (Capital CDC’s Dallas/Ft. Worth Sr. Business Development Officer) and discussing the program I knew it was a good deal.”
Face & Body Spa is Sharon’s second spa location, but is the first location where she owns the property. Sharon understands her business and has over 7 years of direct experience in the industry. She has a good finance background, runs a very clean and attractive spa, and is located in a very upscale location that easily supported this expansion. “The 504 program allowed me to preserve my working capital and to use my money to grow my business, invest in my business, and in the end reward my employees who have been with me through this whole process.”
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Martinez Funeral Home, Inc. d/b/a/ Mt. Carmel Funeral Home
“Point Blank – the 504 helped us cash flow,” said Jaime Martinez, President/Funeral Director of Mt. Carmel Funeral Home. “The terms of the loan are the best we’ve got… I wish we had more of our prior loans with the same terms.” Martinez Funeral Home, Inc. is a full-service funeral operation which specializes in traditional funeral services, cremation and pre-arrangement planning. The 504 program assisted with the real estate expansion of the existing funeral home by 9,445 sq, ft. to a total of 16,814 sq. ft. and assisted with the purchase of additional equipment. “This expansion has been great, but my real appreciation goes out to my employees who have been instrumental in our growth and success. I certainly couldn’t have done all of this by myself,” said Martinez. Martinez Funeral Home, Inc. began funeral business operations in September 2000 and is located in El Paso, Texas.
“Cruz (Capital CDC’s El Paso Sr. Business Development Officer) was really, really helpful and instrumental in making our project work,” explained Martinez. “I look forward to doing more business with her and Capital CDC – maybe with another location in the near future.”
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Border Therapy Services
Border Therapy Services, an Outpatient Orthopedic Physical Therapy Center, recently expanded their headquarters facility from a rented 3,800 sq. ft. space into a 10,000 sq. ft. building. The expansion allowed for the ability to ad aquatic therapy and a fast training system for athletes. “We started with one small loan and have grown to be the largest practice in the El Paso area with four locations now," said Wayne Shaw, Co-Owner/Director of Border Therapy Services. “We are now recognized as the bench mark facility in El Paso.”
The 504 loan allowed Border Therapy Services to expand its operations and stabilize rent expenses through the purchase of real estate. “It was very scary buying something this big. It was a lot different than getting a loan for $150,000 to start up your business as compared to almost a million dollars for the purchase of a building,” Shaw explained. “Now that we are in it and have done it… it’s a great investment and the greatest thing we could have done for our business, our patients and our staff.”
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