Dargan's owner uses creative financing to buy building

Deal could not be done five years ago due to economy

POSTED: 08:38 AM PDT Mar 11, 2013    UPDATED: 11:08 AM PST Feb 28, 2013 

The owner of Dargan's Irish Restaurant and Pub has been able to buy his building in Santa Barbara with the help of a government business loan.

Paul Dargan said unlike five years ago during the height of the recession, federal funding and loans are now more available for business owners.

He said he was able to finance 40 percent of the purchase through a Small Business Administration loan, and the rest of the funding came through a bank loan and his own funding.

Getting out of a lease is also a positive aspect of the deal. Dargan said he can now plan his business future better.  

Dargan's has been on Ortega Street downtown for 15 years.

The property transaction and coordination of the loans, was handled by the Hayes Commercial Group in Santa Barbara.