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Florida First Capital and the SBA 504 Loan Program Help Women Entrepreneurs Grow Their Businesses

Oct 2021

According to the National Association of Women Business Owners, there are a total of 12.3 million women-owned businesses in the U.S. This number becomes even more astounding when you consider there were only 402,000 women entrepreneurs in 1972.

Florida First Capital Finance Corporation celebrates women entrepreneurs and their increasing contributions to our nation's economic growth. Take for instance Xiomara Perez, Amaury Gimeno and Tracey Adelhouser. Three women with the determination to be their own boss.

Xiomara Perez – Bravo Supermarkets

Since December 2009, Xiomara Perez has made Bravo Supermarkets her bread and butter. Originally from the Dominican Republic, Perez already owned and operated two Bravos franchises in central Florida when she decided to open a third store in Longwood, Florida.

Established in 1990, Bravo Supermarkets is New York based with over 70 locations spanning the U.S. east coast. Bravos are neighborhood grocery stores. Because the stores are independently owned and operated, they uniquely cater to the needs of their local communities, such as Jamaican, Colombian, Venezuelan, Haitian and Central American cultures.

Having worked with Florida First Capital and Central Florida Vice President and BDO, John Hanrahan, on the 2 previous stores Perez was familiar with the benefits of the Small Business Administration (SBA) 504 Loan Program.

“By choosing the SBA 504 Loan Program over conventional financing, Ms. Perez was able to preserve vital working capital,” said Hanrahan. “With a low 10% down payment, a below-market fixed interest rate and up to 25-year repayment term, the 504 loan makes savvy business sense.”

The 504 loan proceeds not only provided for the purchase and improvements of the 23,017 square-foot building on 3.82 acres, but also covered professional fees allowing Perez to preserve vital operating cash.

Being a responsible neighbor is a priority of Bravo Supermarkets by providing hunger relief through outreach programs. Through her small business, Xiomara Perez makes a dynamic impact on her community.

Amaury Gimeno – Solcar Electric, Inc.

In 2001, Amaury Gimeno co-founded Solcar Electric, Inc. Based in Miami, Florida, Solcar is one of the 12.3 million women-owned small businesses in the U.S.

Gimeno, born in Colombia and now a U.S. citizen, graduated from Miami-Dade College and worked in banking and collections for 15 years before starting Solcar and becoming her own boss.

An electrical contracting company, Solcar offers a wide range of electrical services and repairs. They have built a solid reputation as a safe, reliable company with over 96% of sales from repeat business or referrals.

After years of leasing property, Gimeno was energized to purchase her own building and turned to the SBA 504 Loan Program and Florida First Capital Miami Area Vice President and BDO, Alejandro Buitrago. With the help of a 504 loan, she purchased a 1,750 square-foot commercial warehouse condominium unit.

“The SBA 504 Loan Program was created to help small business owners build wealth by owning their own property,” said Buitrago. “Loan proceeds can also be used to cover professional fees and costs so the borrower can reduce cash outlay, helping to preserve vital working capital.”

With rent replaced by predictable and affordable mortgage payments, Solcar Electric has more control over their operational expenses and their destiny.

As a small business owner, Amaury Gimeno helps power her community and our nation’s economy.

Tracey Adelhouser – Fox & Hounds British Pub

For 17 years, Tracey Adelhouser tended someone else’s bar while wishing for a place of her own. In 2011, the opportunity presented itself.

A local Irish pub was closing and Adelhouser jumped at the chance to reopen it as an English pub. Hailing from Suffolk, England, she wanted to maintain an authentic pub experience and keep the personality of the original place intact. As the oldest pub in Brandon, Florida, Fox & Hounds British Pub is located in a building dating back to 1818 and the actual bar was once the stables for a residence above.

Adelhouser financed the purchase of the business and furniture & fixtures with credit cards and personal loans. She renewed the lease on the building and opened to a lively crowd of regulars. 10 years later, Adelhouser would finally have the opportunity to purchase the building.

With an SBA 504 loan through Florida First Capital Tampa Area Vice President and BDO, Scott Radway, in partnership with Patrick Ahern of ServisFirst Bank, Adelhouser not only purchased the building she was leasing, but also an adjacent property allowing her to more than double the size of the pub.

“Using a 504 loan to purchase commercial property is ideal for both the borrower and the first mortgage lending partner in the deal,” said Radway. “With only 10% down, the borrower preserves vital working capital and receives a long term below-market fixed interest rate with predictable payments. Plus, the 504 program’s unique distributed credit structure allows the first mortgage lending partner to mitigate its loan-to-value exposure making it a win-win.”

Fox & Hounds regularly hosts charitable events in support of patrons and area residents, making it an integral part of the community. Adelhouser says the pub, “feels like home.”

Florida First Capital applauds these and all women-owned small businesses who help build a robust national economy and positively impact our communities.

For more information on Bravo Supermarkets, visit www.bravosupermarkets.com.

For more information on Solcar Electric, Inc., visit www.solcarelectric.com.

For more information on Fox & Hounds British Pub, visit www.foxandhoundsbritishpub.com.

The SBA 504 Loan Program provides up to 90% financing at below-market, fixed interest rates and long amortization terms up to 25 years for the purchase of major fixed assets, such as owner-occupied commercial real estate, renovations, new construction, energy efficient “green” initiatives and/or fixed heavy duty machinery and equipment, as well as the refinance of commercial mortgage and other business debt with or without a cash-out option.

504 loans are paired with private-sector commercial loans and 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.

For more information about SBA 504 loans in Alabama, Florida or Georgia, contact a Florida First Capital Loan Officer or email us at info@ffcfc.com. Phone: 850.681.3601 or toll-free at 888.320.5504.