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P&M Catering
ID: ED20150202
Inner City Economic Development Loan
County Comission District: | City Council District:
Inner City Economic Development Loan
County Comission District: | City Council District:
Summary
Michael Payne, dba P & M Catering, was awarded 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 seven new jobs and encourage the owner 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
Approved
2/4/2015
Closing
Not applicable