FirstBank recently granted financing to the Marco’s Pizza restaurant chain to open a new location in the Condado sector of San Juan.
The financing was granted under the SBA 7(a) Program to parent company Maval Corporation for the remodeling, and purchase of equipment, furniture, inventory and operational capital for the 2,000 square foot Marco’s Pizza store, which will accommodate around 64 patrons at the Ashford Commercial Gallery in Condado.
The SBA 7(a) Program grants funding up to $5 million and the funds can be used for purchases of commercial properties, debt refinancing, improvements and operational capital, among others. Program 7(a) can guarantee the bank financing for up to 75 percent to 85 percent, depending on the amount of the loan, making it ideal for entrepreneurs who do not have collateral.
The Marco’s Pizza location in Condado will be the 18th location on the island.
“For FirstBank, contributing to the opening of projects such as a new Marco’s Pizza restaurant, represents helping to strengthen the local economy by supporting entrepreneurship,” said Ildefonso Rodríguez, vice president of the Small Business Unit and SBA at FirstBank.
“Our main role is to provide entrepreneurs like our client, Marta Pierantoni, president of Maval Corporation, who also owns Marco’s Pizza in Plaza Caparra, resources to support them in the structuring of their financings and financial advice,” he said. “This in turn has a positive effect, because it allows the creation of around 20 full-time jobs.”