Helping local businesses plan for prosperity
New York Deli owners Micki and Ramon Marrero were just five years into operating their Columbia restaurant back in 2009 when they knew it was time to expand. With additional space available next door to their Vandiver Square location, the couple believed they could increase their deli’s cash flow substantially with more restaurant seating to accommodate the growing number of steady customers.
Funding was the only thing holding back New York Deli’s expansion, so Micki Marrero did her homework and found the U.S. Small Business Administration.
Marrero’s next step was to find a local lender who could help her secure an SBA-guaranteed loan, and that’s when she met The Bank of Missouri. “My husband and I are very organized, and we keep excellent financial records, so working with Karin Bell [assistant vice president of the bank’s SBA lending division] was a breeze,” Marrero said. “We had the funds within four weeks, and it has helped us reach our goals.”
The Marreros used the loan to pay down the deli’s credit card debt during their business’ expansion. “We’ve expanded with new tables and chairs, even a new banquet room,” Micki Marrero said.
The Marreros have four years left on their five-year loan. “We were on pins and needles when we applied and then received our first loan when we opened back in 2004,” Micki Marrero said. “But for this loan the process was much less stressful. Now our business is on its way.”
The U.S. Small Business Administration, established in 1953, serves 23 Missouri counties from its office at the University Center for Innovation & Entrepreneurship in Columbia. Along with district offices in Kansas City and St. Louis, the agency’s mission is to help small businesses.
Best known for guaranteed loan programs, the SBA trains participating lenders in how to make commercial loans that will qualify to be partially guaranteed for repayment by the SBA and assists them along the way. In exchange for SBA’s guaranty, participating lenders agree to disburse and close the loan, service it until paid in full and follow both SBA and prudent lender standards.
SBA lending supports viable small businesses that are not otherwise eligible for loans. A participating lender must state that the loan could not be made on reasonable terms without SBA’s guaranty. Also, the lender must demonstrate that repayment of the loan from a small business is reasonably assured, based on the current or projected cash flow of the small business.
“There are some small businesses that are not eligible for SBA assistance, such as those that derive most of their revenue from lending money,” said Bob Newman, SBA senior area manager. “SBA-backed loans may not be used to acquire real estate to be rented to third parties, except for short-term stays, such as hotels or campgrounds. Also, not-for-profit and foreign-based businesses aren’t eligible for SBA assistance. But businesses that export American-made goods and services, however, are eligible.”
Newman said last year the SBA guaranteed 61 loans by 16 different lenders for a total of $20.6 million to Boone County-based small businesses. SBA’s lenders and borrowers stated that these loans allowed businesses to create 340 jobs and help retain 585 existing jobs.
For more information on any of SBA’s programs and services, visit www.sba.gov, call 256-1794 or email [email protected].
Funding was the only thing holding back New York Deli’s expansion, so Micki Marrero did her homework and found the U.S. Small Business Administration.
Marrero’s next step was to find a local lender who could help her secure an SBA-guaranteed loan, and that’s when she met The Bank of Missouri. “My husband and I are very organized, and we keep excellent financial records, so working with Karin Bell [assistant vice president of the bank’s SBA lending division] was a breeze,” Marrero said. “We had the funds within four weeks, and it has helped us reach our goals.”
The Marreros used the loan to pay down the deli’s credit card debt during their business’ expansion. “We’ve expanded with new tables and chairs, even a new banquet room,” Micki Marrero said.
The Marreros have four years left on their five-year loan. “We were on pins and needles when we applied and then received our first loan when we opened back in 2004,” Micki Marrero said. “But for this loan the process was much less stressful. Now our business is on its way.”
The U.S. Small Business Administration, established in 1953, serves 23 Missouri counties from its office at the University Center for Innovation & Entrepreneurship in Columbia. Along with district offices in Kansas City and St. Louis, the agency’s mission is to help small businesses.
Best known for guaranteed loan programs, the SBA trains participating lenders in how to make commercial loans that will qualify to be partially guaranteed for repayment by the SBA and assists them along the way. In exchange for SBA’s guaranty, participating lenders agree to disburse and close the loan, service it until paid in full and follow both SBA and prudent lender standards.
SBA lending supports viable small businesses that are not otherwise eligible for loans. A participating lender must state that the loan could not be made on reasonable terms without SBA’s guaranty. Also, the lender must demonstrate that repayment of the loan from a small business is reasonably assured, based on the current or projected cash flow of the small business.
“There are some small businesses that are not eligible for SBA assistance, such as those that derive most of their revenue from lending money,” said Bob Newman, SBA senior area manager. “SBA-backed loans may not be used to acquire real estate to be rented to third parties, except for short-term stays, such as hotels or campgrounds. Also, not-for-profit and foreign-based businesses aren’t eligible for SBA assistance. But businesses that export American-made goods and services, however, are eligible.”
Newman said last year the SBA guaranteed 61 loans by 16 different lenders for a total of $20.6 million to Boone County-based small businesses. SBA’s lenders and borrowers stated that these loans allowed businesses to create 340 jobs and help retain 585 existing jobs.
For more information on any of SBA’s programs and services, visit www.sba.gov, call 256-1794 or email [email protected].
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