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Veteran Business Owner – Vision to Recovery

Dr. Justin Kim owner of Trinity Vision Center continues to get the assistance he needs through SBA and its loan programs. He started his eye care center right before the economic down turn by utilizing the Patriot Express Loan Program for leasehold improvements, equipment and inventory. As he continued to operate and develop his clientele he experienced a need for more working capital that would allow him the flexibility to increase his marketing efforts in a time of economic uncertainty.

The Recovery Act came at the perfect time for many small businesses and the opportunities it delivered help Dr. Kim. Randolph Brooks Federal Credit Union, known for its financial loan assistance to veteran-owned small businesses, provided the capital Kim needed. The credit union was able to receive a higher guaranty percentage of 90 percent and waive the borrower fee. Randolph Brooks Federal Credit Union received an award during National Small Business Week 2009 for its loan activity support to the San Antonio military community with the use of SBA’s Patriot Express Loan Program.


Dreams Do Come True With a Little Help From SBA

Pete Morones, a bilingual clinical psychologist, didn’t have to think twice about buying a building to house his office. It made sense to purchase a building for his practice rather than continuing to pay rent. Morones now owns his own office building and rents out space to others. Most people aspire to own a building for the same reason they aspire to own a home; they are more in control of the use and the cost. Evergreen Business Capital helped Morones buy his own real estate through the Small Business Administration's 504 loan program. “Morones needed $370,000 to buy the building — at a time when the economy was tanking and banks just didn't want to lend," recalls Evergreen Senior Loan Officer Lori Milton.

Morones is a business banking client with Bank of America. Lori Milton asked the bank to loan Morones the money for his building. The bank funded Morones $250,000, Evergreen funded $83,000 and Morones came up with the rest.

Proceeds from 504 loans must be used for fixed asset projects such as: purchasing land and improvements, including existing buildings, grading, street improvements, utilities, parking lots and landscaping; construction of new facilities, or modernizing, renovating or converting existing facilities; or purchasing long-term machinery and equipment.

Typically, a 504 project includes a loan secured with a senior lien from a private-sector lender covering up to 50 percent of the project cost, a loan secured with a junior lien from the Certified Development Company like Evergreen Business Capital (backed by a 100 percent SBA-guaranteed debenture) covering up to 40 percent of the cost, and a contribution of at least 10 percent equity from the small business being helped. To be eligible, the business must be operated for profit and fall within the size standards set by the SBA. Under the 504 Program, the business qualifies as small if it does not have a tangible net worth in excess of $8.5 million and does not have an average net income in excess of $3 million after taxes for the preceding two years. Loans cannot be made to businesses engaged in speculation or investment in rental real estate.

"Because we allow business owners to get into a loan with only 10 percent down, it helps them hold onto their working capital and helps them to purchase their existing rental building if the building owner suddenly offers it up," Milton said. "Most banks want 25 to 30 percent down on a building, and that’s a lot of money if you’re not actively saving money for the purchase."

“Evergreen made it possible for us to finance our project; something we had been working on for some time. Ms. Milton went above and beyond to assist us with securing financing as we encountered unforeseen obstacles in the current market,” said Morones.


Building a Successful Business by Exceeding Expectations

Fulfilling her lifelong love of science, Payal Tak journeyed from her native India in the mid 1980s to continue her education in the United States. The life sciences soon gave way to computer science earning Tak academic degrees in Computer Science and in Telecommunications Systems Management.

Tak began climbing the career ladder in the information technology industry where she undertook several challenging assignments and was recognized for her significant contributions and leadership skills.

She led a highly successful user acceptance test of a multi-million dollar telecommunications billing system that is in use in national and international telecommunications markets today. Her next career climb was an assignment that placed her in the heart of the fast-paced commercial telecommunications industry where she led several projects.

Recognizing her ability for effective customer service and management, Tak established Telesis Corporation in September 1998 to provide information technology services to the federal government and commercial industry. The corporation provides services in the areas of call center solutions, records management, document processing, software and systems development and network engineering. The company’s main goal is to surpass customer expectations with outstanding services which led to Telesis Corporation’s tag line ... Where We Exceed Expectations!®.
In 2005, Tak was recognized as the U.S. Small Business Person of the Year for the Washington, D.C., metropolitan area.

By repeatedly delivering upon the promise of its tag line, Telesis Corporation has become one of the fastest growing U.S. Small Business Administration 8(a) Business Development Program and HUBZone Certified and woman-owned small businesses in the metropolitan Washington D.C. area. In addition, Pak’s commitment to the success of the SBA’s HUBZone program has been reflected in the corporation’s success in having created over 150 jobs in the HUBZones of the United States.

In 2006, Telesis was rated the 146th fastest growing privately held company in the United States by Inc. Magazine and was selected as the top diversity owned business and top small business in Maryland by in 2004-2006.

From humble beginnings in 1998, Telesis Corporation has grown to over $22 million in revenue in 2006. Tak is committed to creating professional growth opportunities for women and minorities in the work place.