A bit of cash obtained three years ago has gone a long way for a Rocketts Landing restaurant.
The Boathouse and its owner, Kevin Healy, were named to the first ever SBA 100, a new initiative by the U.S. Small Business Administration that showcases 100 businesses across the country that have created 100 jobs since receiving support from the SBA.
Healy, who founded the original Boathouse restaurant in Chesterfield 23 years ago using an SBA loan, sought out the SBA again in December 2008 when he had his sights set on Rocketts Landing for a second location.
“I was hitting a wall,” Healy said Thursday during an SBA tour of his establishment. “The big traditional banks just weren’t lending money.”
In June 2009, Healy received a $450,000 SBA 7(a) loan to build the first phase of the Rocketts Landing location. McLean-based Sonabank issued the SBA-backed loan. (You can read a bit more about that here.)
Wanting to expand, Healy took out a second SBA-backed loan of $639,000 in May 2010. The money was used to add a second floor on to the now 12,000-square-foot restaurant.
“They lent me the money. My main need was cash,” he said. “The SBA guaranteed 90 percent of the loan. Why wouldn’t you do it?”
So far the move has paid off.
By the end of 2009, Healy’s staff at Rocketts Landing was up from two to 118 employees. The other Boathouse location has about 120 employees.
Business has picked up for the two-year-old seafood eatery. Healy said it was a good summer, and sales are up about 10 percent over last year.
“Rocketts is steady, but during the summer the Sunday Park location does more business,” he added.
Healy credits weddings, catering and other special events combined with the restaurant business for the rapid growth.
“We brought 100,000 people here last year,” he said.
All of the businesses on the SBA 100 received some type of SBA support, such as a loan, a government contract or free counseling services.
In addition to Healy and the Boathouse, two other Virginia companies made the list: Arlington-based government contractor Phacil Inc. and Eris Security in Dumfries.
John Shoraka, the Mid-Atlantic regional administrator of the SBA, said that despite a rough economy, lending is starting to pick up for small business.
“Because of the Recovery Act and Small Business Jobs Act, loan numbers are coming back this year,” Shoraka said, adding that the agency has made $220 million in loan guarantees this year.
Healy said that because of the Recovery Act, his business saved $10,000 in fees and his lender was able to get a 90 percent guarantee.
Shoraka said most of the small-business owners who come to the SBA looking for help usually need capital or a way to finance their ventures.
“A small business might go to a bank and ask for a loan and they have to have all their ducks in a row,” he said. “We help them create a business plan or marketing plan.”
Shoraka said the SBA is hoping to name new SBA 100 businesses every few years.
“There are success stories out there that we haven’t heard of,” he said. “We hope we will continue spurring growth of small business throughout our region.”
A bit of cash obtained three years ago has gone a long way for a Rocketts Landing restaurant.
The Boathouse and its owner, Kevin Healy, were named to the first ever SBA 100, a new initiative by the U.S. Small Business Administration that showcases 100 businesses across the country that have created 100 jobs since receiving support from the SBA.
Healy, who founded the original Boathouse restaurant in Chesterfield 23 years ago using an SBA loan, sought out the SBA again in December 2008 when he had his sights set on Rocketts Landing for a second location.
“I was hitting a wall,” Healy said Thursday during an SBA tour of his establishment. “The big traditional banks just weren’t lending money.”
In June 2009, Healy received a $450,000 SBA 7(a) loan to build the first phase of the Rocketts Landing location. McLean-based Sonabank issued the SBA-backed loan. (You can read a bit more about that here.)
Wanting to expand, Healy took out a second SBA-backed loan of $639,000 in May 2010. The money was used to add a second floor on to the now 12,000-square-foot restaurant.
“They lent me the money. My main need was cash,” he said. “The SBA guaranteed 90 percent of the loan. Why wouldn’t you do it?”
So far the move has paid off.
By the end of 2009, Healy’s staff at Rocketts Landing was up from two to 118 employees. The other Boathouse location has about 120 employees.
Business has picked up for the two-year-old seafood eatery. Healy said it was a good summer, and sales are up about 10 percent over last year.
“Rocketts is steady, but during the summer the Sunday Park location does more business,” he added.
Healy credits weddings, catering and other special events combined with the restaurant business for the rapid growth.
“We brought 100,000 people here last year,” he said.
All of the businesses on the SBA 100 received some type of SBA support, such as a loan, a government contract or free counseling services.
In addition to Healy and the Boathouse, two other Virginia companies made the list: Arlington-based government contractor Phacil Inc. and Eris Security in Dumfries.
John Shoraka, the Mid-Atlantic regional administrator of the SBA, said that despite a rough economy, lending is starting to pick up for small business.
“Because of the Recovery Act and Small Business Jobs Act, loan numbers are coming back this year,” Shoraka said, adding that the agency has made $220 million in loan guarantees this year.
Healy said that because of the Recovery Act, his business saved $10,000 in fees and his lender was able to get a 90 percent guarantee.
Shoraka said most of the small-business owners who come to the SBA looking for help usually need capital or a way to finance their ventures.
“A small business might go to a bank and ask for a loan and they have to have all their ducks in a row,” he said. “We help them create a business plan or marketing plan.”
Shoraka said the SBA is hoping to name new SBA 100 businesses every few years.
“There are success stories out there that we haven’t heard of,” he said. “We hope we will continue spurring growth of small business throughout our region.”