Virginia seafood restaurant makes SBA 100

9/30/2011

Seafood eatery The Boathouse in Rocketts Landing, Virginia, was recently named to the SBA 100, Richmond BizSense reports.

Owner Kevin Healy's restaurant made the SBA 100 - the program by the Small Business Administration that recognizes 100 business across the country that have created 100 jobs or more since receiving an SBA loan - by increasing his staff from two to 118 between 2009 and today.

Healy sought out the SBA because bigger banks weren't lending money. The association granted him a $450,000 7(a) loan to build the first phase of his restaurant, and an additional $639,000 in May 2010 to add a second floor to the now 12,000 square-foot eatery.

"They lent me the money. My main need was cash," he told the news source. "The SBA guaranteed 90 percent of the loan. Why wouldn't you do it?"

Businesses that earn SBA 100 recognition typically receive a loan, but can also obtain a government contact or free counseling services.

Virginia Business reports that The Boathouse was recognized in May 2010 during National Small Business Week by SBA administrator Karen Mills for its "stunning" economic success.