City launches downtown restaurant incentive loan program
Low-interest loans offered restauranteurs, landlords to finance or offset the high cost of kitchen installation
– As part of the Atascadero City Council’s key priorities, the City of Atascadero has launched a restaurant incentive loan program aimed at increasing economic vitality and investment in downtown. By offering low-interest loans to restauranters and landlords to finance or offset the high cost of kitchen installation, the city seeks to catalyze the installation of eating and drinking establishments in the downtown commercial (DC) zoning district.
The city, in partnership with the Economic Development Collaborative (EDC), will offer loans for up to $125,000 at a 4.25% interest rate over an 84-month term. Funding may be used for non-construction-related items for a commercial kitchen such as equipment, machinery, fixtures, and furniture. This program is available to restaurant owners or owners of commercial buildings that will be leased to a restaurant in downtown. Restaurants must have on-site dining, have or are installing a type 1 or 2 hood, and must be open for at least five days a week, for at least two mealtimes each of those days. Funding is available for independent restaurants or chain restaurants with four or fewer of the same restaurants within the corporation.
As the region’s largest economic development public-private partnership, the EDC provides access to capital and direct business advising to nearly a thousand businesses a year. The EDC provides all loan applicants with no-cost consulting and advice throughout the application process and loan term.
The city and its partner, the EDC, will be holding an informational session on the loan program on Monday, Sept. 25 at 1 p.m. at Atascadero City Hall in room 106, for anyone interested in learning more about the program, or with questions on the loan application.
For more information on the Restaurant Loan Program or to view the loan application, visit: https://edcollaborative.com/city-of-atascadero-restaurant-assistance-loan-fund/
For more information regarding this program, contact the deputy director of economic and community development at firstname.lastname@example.org or (805) 470-3480. For questions regarding the loan application, contact the EDC Loan Program at email@example.com or (805) 409-9497, and for more information about EDC: https://edcollaborative.com/about-us/about/.