‹ Back To Loans

P&M Catering

ID: ED 20150202
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

Michael Payne, dba P & M Catering, is seeking a $25,000 Inner City Economic Development (ICED) Loan to help with facade improvements at 1011 Mississippi Boulevard, the future home of Ida B.’s Breakfast, Lunch, and Special Events.

The ICED loan would complete a combined $95,400 investment into the the Mississippi Boulevard building.

The loan is projected to create 7 new jobs and allow to make façade and interior improvements to the 3,100-square-foot building.

The Ida’s B’s Breakfast, Lunch, and Special Events restaurant, will occupy 3,100 square feet and serve as an asset to residents of Soulsville, students of Lemoyne Owen College, and visitors to the neighborhood looking for breakfast and light lunch fare. It will also be a rental
facility for social events.

Loan Term:

3 years

Interest Rate:

0%

Projected New Jobs:

7

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Facade and Interior Improvements

Total Projected Capital Investment:

$95,400
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
$21,000

Renovation:
$50,000

Machinery & Equipment:
Not applicable

Furniture, Fixtures, Office:
$10,400

Equipment:
$14,000

Fees & Soft Costs:
Not applicable

Permanent Working Capital:
Not applicable

Miscellaneous:
Not applicable