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504 Helps Ethnic Bakery Shine

Sep 2009

The Sun Pearl Bakery in Orlando is a beacon for all things exotic in the world of baking. However, this might have been the case due to a particularly challenging set of circumstances involving the property's environmental eligibility.

Hai Pou Chiu was born in Taipei, Taiwan. He immigrated to the United States where he founded Taiwan Foods Inc. (TFI) in Orlando, under which he operates Sun Pearl Bakery. The bakery offers a unique variety of Chinese and Taiwanese goods like cakes, chocolate, fruit, pudding, moon cakes and other traditional oriental pastries.

Like most savvy small business owners, Chiu decided to buy the building he'd been leasing for several years. He turned to FFCFC for a 504 loan, but more importantly he benefited from the expertise of the organization's professional staff.

Although the location of the property is in a prime area of Orlando known as “Little China,” its proximity to known contaminates was an issue that required the skilled knowledge of FFCFC's closing department to present to the Small Business Administration (SBA). Once all concerns were addressed to the satisfaction of the SBA and the lending partner, the closing proceeded without delay.

“This is really a case where the knowledge of the FFCFC staff was of great benefit to the borrower,” said Lynn McDaniel, FFCFC special projects manager. “These types of issues sometimes cause needless delays in the process and it is imperative the certified development company (CDC) be prepared to respond in an experienced and timely manner,” she added.

The ability of a CDC to comprehend complex environmental issues is one of the greatest assets the 504 program offers to its borrowers and lending partners. In this case, the Sun really is shining on a “gem” of an old world bakery.

For more information on Florida First Capital and its 504 loan program, visit www.ffcfc.com, email us at insider@ffcfc.com or call 888.320.5504.