Latin Specialties

September 10, 2012, Successful Projects
Tags: sba 504 projects, small business, loan examples, sba 504, small business financing, small business refinance, latin specialties

Latin Specialties was born from a long standing family tradition, selling and distributing produce from Mexico. The roots of Latin Specialties begin in the 1960’s, when the family began farming strawberries in Michoacan, Mexico. In the 90's, the family relocated to Houston, Texas in order to take advantage of the vast opportunity to serve the growing Hispanic market in the United States. 

Thirty years later, Latin Specialties is one of Texas’ most successful importers and distributors of Mexican and other ethnic specialty produce.  In 2010, the business outgrew its space and proposed to construct a new, larger facility around the corner from its original location.  With the assistance of the SBA 504 Loan Program, the family was able to purchase three acres of land, construct a 50,000 square foot ripening and processing facility, as well as equipment for the facility and warehouse.  In addition, the business qualified for the SBA 504 debt refinance component for  two land loans, in order to relocate the existing business. 

The company employed thirty individuals prior to the relocation.  After expanding to a larger facility, ten new jobs were created.  However, the project would have been required to create forty new jobs in order to satisfy SBA’s job requirement.  Fortunately, Latin Specialties met both the E1 Reduced Energy Use goal, as well as the C2 Expansion of a Minority Business Development goal, thereby waiving the job requirement. 

Latin Specialties caters specifically to businesses; from wholesalers, to small mom-and-pop operations, to medium size retailers, to large multinational grocery chains. They have the resources to supply quality, fresh, produce to businesses at an exceptional value.  Above all, as they continue growth beyond their first year of relocating, they plan to keep competitive with even the most aggressive produce sellers, while still providing  a simplified buying experience to their clients.

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