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Restaurant Kora

ID: ED20210802
Inner City Economic Development Loan
County Comission District: 06 | City Council District: 07, 08

Summary

Bala Tounkara dba Restaurant Kora (KPS) received a $15,000 Inner City Economic Development (ICED) Loan to help complete $22,998 of qualified improvements at 4573 Elvis Presley Blvd. Total project costs are estimated to be $130,400.

A native of West Africa, Bala Tounkara has been a part of the culinary industry for over 16 years. He has worked under multiple notable chefs, including Chef Kelly English. Restaurant Kora will be Mr. Tounkara’s second location in Whitehaven. Bala’s Bistro, Mr. Tounkara’s original location at 2160 E. Raines Road is a family friendly restaurant that features a West African cuisine with French and American influence. Mr. Tounkara will operate both restaurants.

Restaurant Kora will be a traditional African restaurant offering both African and American cuisines. The restaurant will operate 7 days a week serving breakfast, lunch, brunch, and dinner. Mr. Tounkara also plans to use the restaurant as an educational space to work with others from the community that want to pursue a culinary career.

ICED loan funds will help Mr. Tounkara make improvements to the 2,009 square foot space constructed in 1968. He plans to construct patio with outdoor seating, update exterior paint, and complete wood repair. Interior improvements include installation of new ceiling tiles, bathroom renovations, and painting as well as replacing damaged sheetrock.

This project is supported by The Greater Whitehaven Economic Redevelopment Corporation.

Loan Term:

3 years

Interest Rate:

Not applicable

Projected New Jobs:

8

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$15,000

Loan Use:

Not applicable

Total Projected Capital Investment:

$130,400
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
Not applicable

Renovation:
$22,998

Machinery & Equipment:
Not applicable

Furniture, Fixtures, Office:
Not applicable

Equipment:
Not applicable

Fees & Soft Costs:
Not applicable

Permanent Working Capital:
Not applicable

Miscellaneous:
Not applicable

Approved

8/25/2021

Closing

Not applicable

Restaurant Kora

4573 Elvis Presley Blvd, Memphis, TN 38116