Puerto Rico EDB, Banco Popular approve $2.6M for La Parrilla Argentina’s expansion – News is My Business

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Sitting from left, Jorge Rodríguez, owner of La Parrilla Argentina, and the Economic Development Bank's vice president of Commercial Strategy and Financing, Vivian Dolagaray, sign the loan agreements as Corina Camacho, senior vice president of Banco Popular, standing, looks on.

The collateral support loans under the Boost Your Business program are for construction and equipment financing for the new Bayamón location.

The Puerto Rico Economic Development Bank (EDB) and Banco Popular de Puerto Rico (Popular) have approved two loans to LPA Canton LLC, totaling $2.6 million, for the construction of facilities and the financing of equipment for the expansion of the La Parrilla Argentina restaurant chain to a new location at El Cantón Mall shopping center in Bayamón.

The EDB said it remains committed to offering collateral support under the Boost Your Business program of the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI).

“We are very pleased to have finalized this important collateral closing with Popular, which will facilitate the expansion of La Parrilla Argentina,” EDB President Luis Alemañy said. “This type of effort is essential for strengthening our small and medium-sized businesses, which provide 40% of the jobs on the island. La Parrilla Argentina is creating more jobs while contributing to the island’s economic development.”

Corina Camacho, senior vice president and manager of the Commercial Credit Division of Popular, emphasized the bank’s commitment to supporting entrepreneurship in Puerto Rico, especially small and medium-sized businesses.

“We are proud to support our clients in development initiatives, such as the expansion of La Parrilla Argentina, which not only strengthens the economy but also promotes an entrepreneurial culture,” Camacho said. “Our goal is to continue supporting entrepreneurs so they can keep growing and generating new opportunities.”

Established in 1994 in Guaynabo’s San Patricio Plaza, La Parrilla Argentina has seven other locations, including in Plaza las Américas, Plaza del Caribe, Plaza Carolina and Plaza Bayamón. The new location at El Cantón Mall in Bayamón is expected to create 20 direct jobs and 40 indirect jobs.

“We are committed to supporting initiatives that promote the growth and development of entrepreneurs with a firm vision of growth in their operations,” said Vivian Dolagaray, vice president of Commercial Strategy and Financing at the EDB.

The EDB’s Collateral Support Program provides cash to cover the collateral deficiencies of applicants who would otherwise not be able to obtain the necessary funding. Deficiency is defined according to the credit policy of the financial institution originating the business loan. The program supports the collateral deficiency up to 50% of the total financing.

The SSBCI was initially launched in 2010, but was expanded in 2021 as part of the American Rescue Plan Act with the goal of strengthening state financing programs by providing capital to small businesses and startups to foster job creation and economic growth. It offers two credit programs for financing in conjunction with a local bank or cooperative: collateral support and participation loans.

This content was produced by News is my Business staff members. Send questions, comments, and suggestions to [email protected].

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Puerto Rico EDB, Banco Popular approve $2.6M for La Parrilla Argentina’s expansion – News is My Business

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