exterior of the Portside Used Truck Sales Company in San Pedro
The Harbor Region BusinessSource Center helped entrepreneur Artemio Benitez obtain a $414,000 Small Business Administration loan (SBA) for his business Portside Used Truck Sales, Inc., providing him cash flow that allowed him to hire 10 new employees.

Artemio approached the Harbor BusinessSource Center requesting a $400,000 short term loan to purchase inventory and pay off his high-cost credit. The Harbor Region BusinessSource conducted a financial analysis and determined that bypassing Artemio’s current credit line with a Small Business Administration loan would increase the profitability of each Portside transaction by approximately 30 percent, increasing profit margins, and allow the business to expand at a much faster rate.

The financial analysis determined that the company met loan requirements and a loan package was submitted to a lender. The $414,000 SBA loan was approved and funded in 2018.

Since the funding, the cash flow generated by this loan has allowed Artemio to hire 10 new employees.

EWDD’s BusinessSource and WorkSource Centers offer a variety of Business Services, including several Financial and Development Incentive Programs and a Small Business Loan Program. Learn how EWDD can help.



This story is part of the EWDD UPDATES from the week of December 31, 2018. Read this issue and more.