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GUIDANCE THROUGH LOAN PROCESS HELPS METRO ATLANTA RESTAURATEUR TRIPLE HIS LOCATIONS

Diego Velasquez had worked in Georgia’s restaurant industry more than 14 years – moving up to district manager for a major chain – when he opened his first Tacos and Tequilas Mexican Grill in Buckhead with his savings and the support of family and friends in 2010. Diego Velasquez had worked in Georgia’s restaurant industry more than 14 years – moving up to district manager for a major chain – when he opened his first Tacos and Tequilas Mexican Grill in Buckhead with his savings and the support of family and friends in 2010.

“I had decided that if I can open restaurants for somebody else, I can do it for myself. I also hoped to show my daughters that one day they, too, can run their own business,” says Velasquez. “Why work for someone else when you can do it on your own?”

He decided to open a second restaurant in Cumming two years later, but he needed a business loan to finance the start-up costs. When he realized he would need help with his loan application, a banker who dined regularly at his Buckhead location suggested he contact The University of Georgia SBDC for assistance. He was put in touch with Business Consultant Antonio Barrios of the UGA SBDC at Kennesaw State University.

“Often people have the opportunity to get a small business loan, but they don’t understand the process,” says Barrios. “’Diego knew what he needed to do and was willing to get the information together for the bank. He knew there were challenges, but he was eager to do it and follow the process.”

Barrios explained the business loan options and application process to Velasquez. He then assisted him in preparing his loan package, which included three years of financial projections with detailed revenue projections, sources and uses of funds, an income statement, a balance sheet and a cash flow statement.

Barrios also made recommendations to the narrative part of his business plan and prepared a demographic report and competitor analysis.

“Antonio helped me a great deal,” admits Velasquez. “He helped me with all the financial projections and the numbers I had to calculate. He gave me a lot of good advice and showed me what I can learn from other businesses, the expenses and other things I could project onto my business.”

Velasquez received the business loan and opened his second Tacos and Tequilas Mexican Grill in 2012. By this time his restaurant had such a following that he was invited to open a third location next to the Atlanta Beltline in downtown Atlanta on Ponce de Leon Avenue.

He turned to Barrios again to help him prepare the financial projections and a loan package to obtain financing. He was approved for the $440,000 SBA business loan, injected additional owner equity to complete the project’s funding and opened his third Tacos and Tequilas Mexican Grill on Ponce in April 2014.

With at least 40 full-time employees at each location, Velasquez has created more than 120 new jobs in Georgia since 2010.

“In my opinion, Diego Velasquez’s success is due to his passion, knowledge of the industry and leadership skills,” says Barrios. “He is a strategic thinker and motivational employer, always interested in learning more about his business and developing new opportunities.”

“Antonio offers lessons that every small business owner should know. He tells you what the realities are in terms of getting the business started, getting funded, and what you can expect. He opens your eyes to what you will need in order to succeed in your business,” says Velasquez.

“I will continue to work with Antonio and the SBDC. That’s part of my strategy to keep growing.”

To read the full article, please visit: https://www.georgiasbdc.org/guidance-through-loan-process-helps-metro-atlanta-restaurateur-triple-his-locations/

Digital story created by: J. Ashley Panter, Marketing Manager, University of Georgia Small Business Development Center

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