FirstBank recently granted $230,00 in financing to local Mexican food chain Tijuana’s Bar & Grill, for operational expenses and the purchase of a warehouse located in Cervantes Street, Condado.
The warehouse will serve as a supply and distribution center for Tijuana’s Bar & Grill three establishments in Condado, Old San Juan, and Guaynabo.
The 1,192-square-foot space will provide the necessary materials for the restaurant chain’s production. It will house coolers and freezers, as well stock an inventory of food and drinks to supply its three establishments.
Tijuana’s Bar & Grill began operations in 2003. Last year, under the franchise program sponsored by Puerto Rico Trade and Export, it issued its first franchise in the Municipality of Caguas and is currently negotiating a second contract.
“Today, Tijuana’s Bar & Grill is considered one of the top 17 restaurants in Puerto Rico. At FirstBank, we are strongly committed to continue helping Puerto Rican businesses such as Tijuana’s Bar & Grill, which, aside from its evident capacity for growth, has the great potential of creating jobs through its restaurants and franchises,” said Ildefonso Rodríguez, vice president of the Small Business Unit at FirstBank.
“This enables them to contribute in positive ways to Puerto Rico’s economic development,” he added.
FirstBank’s Small Business Unit provides financing to small and medium sized businesses and SBA guarantees under the 7-A, Export Express, SBA Express, and SBA–504 programs. FirstBank is an SBA preferred lender, so federally insured loan approvals are processed internally in quicker and more efficient ways, the bank said.