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 Carnitas Tio Juan
El Paso, TX10059 Dyer Street, El Paso, TX
Juan Gastelum enjoyed working and experimenting in the kitchen at a very young age. He dreamed of some day owning a restaurant that he could proudly call his own. For 16 years, Mr. Gatelum, his wife, and his daughter worked for over 16 years helping family relatives manage their restaurants. His dream begin to materialize when the opportunity came to purchase real estate property that had housed a restaurant before and that had been vacant for six months. After visiting three banks for help in financing the purchase, he was turned down repeatedly. But must Mr. Gastelum was determine to make his dream a reality. He then approached the owner of the property and struck a deal that required a substantial down payment. He managed to open for business on February 2005.
After acquiring the property (financed by the seller) and making needed renovations of the facility, Mr. Gastelum discovered that the entire plumbing of the building had to be replaced. The business then closed for a month for the repairs to be done. After having invested quite a large some of money for the renovations, the plumbing, and the down payment for the property, his accountant referred Mr. Gastelum to the Small Business Development Center for assistance in developing a plan to refinance the company's existing debt.
Ms. Olga Tavarez, SBDC Advisor met with Mr. Gastelum to address the project and provided technical assistance in preparing a loan proposal. After overcoming some difficulties concerning some financing conditions placed on project, the loan was approved through First Savings Bank for $270,000, and Mr. Gastelum was able to refinance his existing real estate debt under the SBA 504 Loan Program, a special program for financing fixed assets. Twenty-one new full-time employees were created by the project with projected sales of over $850,000 the first year.
"We did not know what to do to start our own business even though our relatives were business owners. Our dream of owning our own restaurant would not have become a reality if it had not been for the assistance of Ms. Tavarez at the Small Business Development Center. Ms. Tavarez was very patient with us. She took the time to explain in detail over and over again what we needed to get done. She helped us make our dream come true and was there with us, every step of the way."--Juan and Hilda Gastelum, Proud Owners of Carnitas Tio Juan
Carnitas Tio Juan
10059 Dyer Street
El Paso, TX 79924
915.751.4444
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