Second 504 Loan Helps Double Butcher’s Old School Footprint
Years ago, going to the local butcher shop was a regular part of a shopping trip. Then, large supermarkets began flooding the scene offering one-stop convenience and cheaper prices – and in many cases cheaper products – thanks to the advent of industrial processing and packaging.
Unable to compete with these one-stop shops, many independent butchers eventually closed their doors and with them largely went the art of butchery. Today, that trend is reversing with many savvy consumers opting for quality, fresh cut meats the old school way. Such is the case with the Butcher Shoppe in Pensacola.
The Butcher Shoppe offers USDA prime, dry-aged steaks and even the coveted Wagyu beef. But it’s the interaction that’s why butchery is an art. Owner Kevin Green can explain the difference between a London broil and a New York strip. He can tell you how to perfectly grill your ribeye or which cut to use to make a tasty stew. He can cut your filet to your desired thickness and special order higher quality items that are not available at a normal grocery.
Green, who has over 20 years of experience in the grocery business, opened the Butcher Shoppe about 10 years ago after seeing a growing need in the market. He recently expanded into a second location to better serve his growing clientele.
The Butcher Shoppe’s original location is on the southwest side of Pensacola, which is sparsely populated. Most patrons from that side of town shop there a few times a week, whereas patrons from other parts of town only shopped there once a month. By opening a second location in the northeast part of town, Green is capturing more repeat sales from his existing customer base as well as building a new customer base.
The decision to open an additional location can be one of the biggest steps a small business owner can take in the life of their organization. However, Green had an ace up his sleeve. His original location was financed using the Small Business Administration’s (SBA) 504 Loan Program. Therefore, he was well aware of the 504 program’s tremendous benefits to growing small businesses, such as below-market, fixed interest rate financing with long amortization terms and a down payment requirement as low as 10%.
Green again worked with Florida First Capital and utilized the SBA 504 Loan Program to finance his second location, which includes an existing 4,000 square-foot building, renovations and equipment for a total project cost of $500,000.
“This really highlights the great opportunities that the SBA 504 Loan Program affords to entrepreneurs,” said James Hosman, Vice President for Florida First Capital. “When a solid business gets the opportunity to grow, the entire community benefits.”
For more information about SBA 504 loans in Florida, South Alabama or South Georgia, contact a Florida First Capital Loan Officer or email us at email@example.com. Phone: 850.681.3601 or toll-free at 888.320.5504.