The investment enables the opening of two restaurants
The Economic Development Bank of Puerto Rico (EDB) facilitated a total investment of $5.3 million through the Small Business Administration’s (SBA) 504 Program, enabling the Fazoli’s franchise to expand into Puerto Rico.
The investment financed the construction and acquisition of equipment for two new Italian-food restaurants. The first location opened in Bayamón, while the second will open in Cupey next month. Both projects are part of an investment backed by the Economic Development Bank of Puerto Rico (BDE) to boost business growth and expand a new brand in Puerto Rico.
Together, the two projects will create 56 new direct jobs each, strengthening the service sector and the restaurant industry. With this expansion, Loro Group will surpass 800 employees in Puerto Rico, reaffirming its commitment to generating employment opportunities and the island’s economic development.
The arrival of Fazoli’s in Puerto Rico is spearheaded by Loro Group, a Puerto Rican company owned by the Rodríguez Lockwood family, renowned for its long history in the food industry dating back to the 1990s. The group has successfully developed and operated establishments such as La Parrilla Argentina, Restaurante Caminito, and Texas Roadhouse Puerto Rico, establishing itself as one of the island’s leading restaurant operators. With Fazoli’s, Loro Group enters the fast-casual Italian food segment, broadening its menu and strengthening its confidence in Puerto Rico as a place for investment, growth, and job creation.
“Every project we support is an investment in Puerto Rico’s future. Fazoli’s arrival on the Island demonstrates how access to financing tools, such as the SBA’s 504 Program, enables growth-minded companies to continue expanding their operations, creating quality jobs, and strengthening our economy. Our commitment is to remain the financial partner that drives private investment, strengthens Puerto Rico’s competitiveness, and makes projects that transform our economy a reality,” said Josue E. Rivera, president of the BDE.
“At Loro Group, we are a family business committed to Puerto Rico and the development of the food industry for more than three decades. The arrival of Fazoli’s marks a new chapter of growth for our organization. We thank the Economic Development Bank of Puerto Rico for believing in our vision and for being much more than a financial institution: a true strategic partner. Their support through the SBA’s 504 Program was key to making this project a reality and reaffirms the important role the EDB plays in driving the growth of Puerto Rican businesses. Today we can proudly say that the EDB has ceased to be simply a bank and has become part of the Loro Group family,” commented Jorge Alberto Rodríguez, president of Loro Group, whose children are also involved in this and other projects.
As part of the opening ceremony, the first customer served was Juan Javier Rodríguez, a veteran of the Puerto Rico National Guard and a resident of the municipality of San Sebastián. The president of the EDB and the Loro Group executives thanked him for his presence and his service to the Island, highlighting the symbolism. The first purchase in the new location was made by a Puerto Rican veteran. The investment takes on even greater significance given its development in Bayamón, one of Puerto Rico’s main economic engines.
The municipality has an estimated population of over 180,000, more than 3,100 businesses, and over 42,000 private sector jobs, solidifying its position as one of the island’s leading commercial and service centers. Its economic activity and strategic location continue to make the municipality a key destination for new investments and business expansion projects.
The financing was granted under the SBA’s 504 Program, one of the main economic development tools for small businesses. This program facilitates long-term financing and, with competitive terms for construction, expansion, real estate acquisition, remodeling, and machinery and equipment purchases, enables the Economic Development Bank of Puerto Rico (EDB) to help businesses preserve capital to strengthen their operations, increase productivity, and accelerate growth.
