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Ohio’s Constantino’s Market Highlights Success of SBA Loans

Constantino's Market

Constantino’s Market in Cleveland, Ohio, has used three loans from the U.S. Small Business Administration (SBA) to expand its successful business and create 31 jobs, with the expectation of creating up to 50 more when its new store opens later this year near University Circle. U.S. Sen. Sherrod Brown (D-OH) and U.S. Small Business Administrator Karen Mills will visit Constantino’s Market, located at 1278 West 9th St., at 10:30 a.m. today, Jan. 27, to highlight the success of SBA loans and recent efforts to help small businesses grow.SBA logo

The Constantino’s Market Story

The Mavromichalis family emigrated from Greece to the U.S. in 1955 when Costas, the present-day owner of Constantino’s Market, was 12 years old. Costas became involved in the grocery business in 1976 when he opened stores on the west side of Cleveland. In 2003, Costas obtained an SBA loan to open a showplace store in downtown Cleveland, on West 9th Street. He later obtained a second SBA loan through the Recovery Act to expand the store. That store employs 31 and has enjoyed an increase of 19 percent in sales thanks to the expansion, according to a news release.

Seeing the success of the store on West 9th Street, the Mavromichalis family decided to open another market in the University Circle, and recently received a third SBA loan to open their new store in March 2012. The new store, which also will be family-run, plans to initially employ 35 people and will increase to 50 within a year or two.

All three SBA loans have been provided to Constantino’s Market by Cleveland-based KeyBank.

 

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