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 El Sarape Café,
El Paso, TX
El Sarape Café
8100 Dyer, El Paso,Texas
Mercedes and Luis Tarango worked in the restaurant business for over 17 years, assisting other owners in starting and managing their restaurants. After years of dreaming of owning their own property for their restaurant, they finally got the opportunity in November 2002. Wells Fargo Bank, The El Paso Community College Small Business Development Center, and the U. S. Small Business Administration assisted the Taragos to make their dream a reality of owning their own restaurant business.
Mercedes and Luis Tarango worked in the restaurant business for over 17 years, assisting other owners in starting and managing their restaurants. After years of dreaming of owning their own property for their restaurant, they finally got the opportunity in November 2002. They had leased a Mexican restaurant a few months before, and the owner offered to sell them the building and land. The Tarangos were very hesitant due to the large debt they would have to incur. They contacted the Small Business Development Center at El Paso Community College for business planning and loan development assistance at the recommendation of Wells Fargo Bank after being declined by two other lenders. SBDC counselor Olga Tavárez met with the Tarangos to help them address their project, and assisted them to develop a loan proposal which required project analysis, business plan development, financial forecasts, and loan packaging assistance. Mr. and Mrs. Tarango faced several legal obstacles regarding the real property that delayed the project, and the financing arrangement had to be re-structured to make the loan possible. On August 1, 2003, the Tarangos closed on their loan with Wells Fargo under the SBA CAPline Program. The loan enabled the clients to purchase the real estate and building, the business equipment and furniture, and fixtures they were currently leasing. They were also extended an SBA Express Revolving Line of Credit. Four new full-time employees were hired by the owners. In an article publishes by the El Paso Times on September 25, 2003 that featured their story, Ms. Tarango proclaimed, "This is a dream come true. We've always dreamed of owning our own restaurant, and now the dream has come true. This is our future. Wells Fargo Bank was very helpful too. They were instrumental in making the loan a reality. They too were there for us."
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