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Economic development loan committee backs $350,000 EDLF loan for Himalayan Kitchen expansion
Summary
Council staff and economic development presented a recommended $350,000 Economic Development Loan Fund loan to Himalayan Kitchen to open an additional restaurant location; the loan committee recommended approval at 10.5% over seven years and the council is scheduled to vote at its formal meeting.
Salt Lake City economic development staff and council staff on Feb. 4 briefed the council on a proposed Economic Development Loan Fund (EDLF) loan to Himalayan Kitchen, a local restaurateur serving Indian and Nepali cuisine, to support an expansion into the Engine Block area of downtown.
Austin Kimmel of council staff summarized the loan fund committee’s recommendation: a $350,000 loan at a 10.5% interest rate amortized over seven years. William Wright and Roberta Reichelt of economic development said the loan would support local business expansion, is expected to help activate a stretch of 300 West, and is projected to create 15 new jobs and retain five existing positions within the next year.
Staff described the Engine Block redevelopment context and noted prior EDLF loans for downtown projects; economic development said the loan committee recommends approval and that a council vote on the loan is scheduled for the council’s formal meeting later the same evening.
Why it matters: The EDLF provides below‑market or gap financing intended to leverage private investment and support local small businesses. Staff framed the loan as supporting neighborhood activation and job creation in a downtown redevelopment corridor.
Next steps: The council's formal meeting will consider the ordinance or motion to approve the loan; if approved, economic development will proceed with loan documentation and disbursement per standard loan‑fund procedures.
