Success Story...
Minority Business
Entrepreneur Succeeds
Millenium Photo Lab Approved for
$307,000
The Puerto Rico Minority Business
Development Center assists Millenium Photo Lab
to purchase building through SBA loan guarantee program.
Mr. Evelio Perez and his wife, Ana, established their first photo studio and
lab in Levittown, Toa Baja,
Puerto Rico, under the name "Amalia Photo Art." It
originally consisted of a laboratory specializing in
professional photography services. The husband and wife team also
offered photography services for
weddings, schools and glamour photos. The initial six years were
challenging. Like many small
businesses, they endured hard work and long hours in order to
provide excellent service to their
clientele.
Although
based in Levittown, the Perez family reached out to nearby towns and
began expanding their
client base. As business grew, they knew they would have to find a
different facility to meet market
demand. Mr. and Mrs. Perez moved into a store
slightly larger than the first. They
were able to assist more clients and offer increased service.
The
Levittown facility offered increased capacity to serve clients. The
business continued to grow
beyond its original business concept. The business name "Amalia
Photo Art" no longer fit their core
competency. The time had come to develop a new image that best
represented what the business
was. As such, they strategically changed the business name to
Millenium Photo Lab.
This
year brought many new opportunities. The Levittown facility
expanded its capacity as the lab
space was not enough to meet projected sales volume, let alone new
business accounts. Once again,
they decided to look for a larger facility that met their
increasing needs. A new site was identified in
the metropolitan area and commercial sector of Santurce, Puerto
Rico. The new site offered a large
building, ample parking and photographic equipment. However, as
with many existing real properties,
it also needed work; the pavement needed repairs and an electric
gate was required.
The
Perez family sought the assistance of the Puerto Rico Islandwide
Minority Business Development
Center (MBDC). Together, they investigated the deal, analyzed
their current and projected business
model and structured financing that met their business needs. The
Puerto Rico Islandwide MBDC
prepared a loan package for submission to Banco Popular. The loan
was backed by a SBA loan
guarantee through the 504 Program for $307,000. The Perez family
received notice of loan approval and was able buy the property.
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