SBA 504 Loan Program Serves Up a Second Project for Chef Lo
Sourikone ”Chef Lo” Soukhavong is a successful hospitality chef with many years of experience, including working as a culinary instructor for the Radisson Hotel and Chef de Cuisine for Gaylord Palms Florida. In 2018, Chef Lo obtained a Small Business Administration 504 loan to renovate the historic Dr. Phillips House in Orlando and launch Millenia Event Catering, an eclectic catering and private chef company serving all of central Florida.
With the delicious success of Millenia, Chef Lo was ready to expand business operations with a second event space located in Bartow, FL. Formerly known as the Peace River County Club, the new Idelwood venue is situated on nearly 7 acres with multiple gathering areas, perfect for weddings and corporate functions. With over 12,121 square feet of total building area, the main structure includes a 3,700 square foot ballroom, 1,000 square foot bar and two commercial kitchens.
Having previously worked with Florida First Capital on his first SBA 504 loan, Chef Lo was knowledgeable about the excellent benefits of the loan program for growing and expanding small businesses. With up to 90% financing at below-market, fixed interest rates and up to 25 -year amortization terms for the purchase of major fixed assets, such as owner-occupied commercial real estate, energy efficient initiatives and/or fixed heavy duty machinery and equipment, 504 loans make financing easy as pie.
“Customers are often surprised to learn they can acquire multiple SBA 504 loans up to the SBA’s lending limits,” said John Hanrahan, Florida First Capital Vice President and Business Development Officer for Central Florida.
504 loans provide up to $5 million of aggregate SBA eligibility on standard 504 projects; up to $5.5 million per 504 energy efficient green project not exceed $16.5 million in the aggregate; and up to $5.5 million per eligible small manufacturing project with no limit on total SBA dollars available. These are SBA 2nd mortgage loan portions only; there is no limit on overall project dollar size.
With a total project cost for the purchase and renovation of Idlewood at just over $1 million and the aggregate loan eligibility under $5 million, Chef Lo continues to spice up central Florida with the help of the SBA 504 Loan Program.
For more information about SBA 504 loans in Alabama, Florida or South Georgia, contact a Florida First Capital Loan Officer or email us at info@FloridaFirst.com. Phone: 850.681.3601 or toll-free at 800.504.LOAN.