Company Profile

Municipal Market was founded in 2004 and has been under the current ownership of Farhan family since 2013. Located on the West Side along the Paseo Boricua, the heart of Chicago’s Puerto Rican community, Municipal Market caters to the neighborhood. The store offerings are tailored to Puerto Rican cuisine – including produce, meats, pastas, seasonings, and beverages.  After 18 years in operation, the customers are loyal and local – most within walking distance. 

Ownership’s dedication to serving the Puerto Rican community goes beyond food and drink. The Farhan’s, in collaboration with the Puerto Rican Cultural Center (PRCC), established the ¡WEPA! Mercado del Pueblo. Attached to the Municipal Market is a business incubator sponsored by the PRCC that houses start up businesses actively selling products, while the founders participate in business education courses.

The Farhan’s accessed a Small Business Improvement Fund (SBIF) grant, as landlords of the property, on behalf of their tenant the PRCC, to build out the space. There was a major transformation from what used to be a laundromat into the business incubator. Work on this project consisted of complete tear-off and new installation of roofing, new exterior commercial doors, and major interior renovations including electrical and HVAC work, framing, insulation, drywall, and the construction of two new bathrooms. As administrator of the SBIF grant on behalf of the City of Chicago, our team was at the ribbon cutting celebrating Mercado del Pueblo’s grand opening.

SBA 504 Refinance to Avoid Balloon Payment  

SomerCor is proud to have partnered up with the Farhan’s a second time on an SBA 504 refinance of the property. The original loan used to finance the property had a a five year term and was set to balloon at the end of 2023. By using the 504 refi, the debt was restructured, and the SBA portion is now under a 25 year term. Plus, the lower interest decreased monthly mortgage payments on the property by 25%.

“It was a great experience working with SomerCor on both our 504 refi and the SBIF grant,” said Ziad Farhan. “These programs made a big difference for our business and the neighborhood.”

Photo credit: Walter S. Mitchell III, Samuel Sotelo-Avila, City of Chicago

The Municipal Market & ¡WEPA! Mercado del Pueblo are Open For Business!

Visit https://www.facebook.com/wepamercadodelpueblo/ to learn more about the Market and the growth along Paseo Boricua!

Download the program flyer and connect with a member of SomerCor’s loan origination team to learn more about how the SBA 504 loan program supports improved cash flow for small businesses.


Margaret Griffin
EVP, Chief Lending Officer
mgriffin@somercor.com
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Brian Comiskey
EVP, Chief Credit Officer
bcomiskey@somercor.com
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Elisabeth Williams
SVP, Loan Officer
ewilliams@somercor.com
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Eric Bacon
VP, Loan Officer
ebacon@somercor.com
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