Technical assistance provided to Santiago and Margarita Príncipe started with the dismissal of a contractor that was renovating their restaurant and would not commit to a contract, substantially overcharged the work, and refused to provide expense reports and receipts upon request. With FINANTA’s help, the Príncipes dismissed the contractor, hired an architect and engaged a reputable contractor. The new approach saved them $27,000.
FINANTA continued to assist the Príncipes with financial planning and budgeting, helping them stay in control of their business expensing going forward. This made them eligible for a loan, and when approved, their FINANTA loan provided the means for the family to finalize the renovations and purchase the necessary equipment to bring the restaurant up to code compliance; have adequate insurance to protect their investment; and maintain sufficient working capital to cover expenses during renovations and for several months after the re-opening. The restaurant’s success now speaks for itself as it completes eight years in business, bringing delicious, home-style Latino food to the neighborhood.