When Juan Vergara accepted an offer for financing through Square Loans, he knew just how he would use it. Barroco Grill, the Latin American restaurant he owns with his father in Cleveland, Ohio, needed a remodel to accommodate more customers and make it more comfortable for them.
To comply with restaurant safety practices, he also used some of the funds to purchase a liquor license, which opened up a whole new stream of revenue that he said has increased his sales by 33 percent.* From there it was, as Juan puts it, “full steam ahead.” Barrocco Grill now boasts 23 employees and Juan was featured as a top chef in Cleveland Scene magazine.
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Like many business owners, Juan knew that he needed a small business loan before he accepted a plan through Square Loans. But he also knew that it was difficult for many businesses to get funding through traditional resources.
“We did not know how we were going to get it because it’s really hard for a small business to get a loan,” said Juan. “But there were a lot of changes that we needed to get done in order to grow our business.”
Traditional banks and other lenders may require you to fill out a lot of paperwork or provide collateral when applying for a loan. The application process can be time consuming, and approval is never guaranteed. With Square Loans, Barroco Grill didn’t have to fill out a lengthy application because Square already had a clear idea of the business’s health and cash flow.
And once Juan accepted his plan, Square Loans provided him with a clear picture of how much his funds would cost and made payback easy — automatically taking a fixed percentage out of daily card sales.
“We paid it off within a few months,” said Juan. “The great thing about it was that we did not even feel it in our pockets. … It’s just so easy.”
Juan continues to use Square Loans to fuel the restaurant’s growth.
When Barroco Grill outgrew its patio, for example, Juan used funding to make it bigger and build a tent around it so it could still be used in the winter.
More recently, Juan used a loan through Square Loans to purchase space for his next restaurant concept. Barroco Grill is currently using that space for production but plans to start construction soon.
Juan noted that Square Loans is Barroco Grill’s first choice for funding. “I mean, every single time we use it, it’s helped us grow.”*
*This testimonial reflects the views and opinions of the merchant. Actual results from taking a loan through Square Loans may vary.
Square Loans, LLC and Square Financial Services, Inc. are both wholly owned subsidiaries of Square, Inc. Square Loans, LLC d/b/a Square Loans of California, LLC in FL, GA, MT, and NY. All loans are issued by either Celtic Bank or Square Financial Services, Inc. Square Financial Services, Inc. and Celtic Bank are both Utah-Chartered Industrial Banks. Members FDIC, located in Salt Lake City, UT. The bank issuing your loan will be identified in your loan agreement. The individual authorized to act on behalf of the business must be a U.S. citizen or permanent resident and at least 18 years old. Loan eligibility is not guaranteed. All loans are subject to approval.