Rocky Mount staff brief council on forgivable $50,000 "restaurant catalyst" loan applications for three downtown venues

City staff presented three applicants for Rocky Mount’s Restaurant Catalyst Forgivable Loan program and answered council members’ questions about program rules, monitoring and downtown economic sustainability.

The loan program, staff said, offers a $50,000 forgivable loan that is forgiven at 20% per year over five years. "The loan provides for $50,000. It's been been given below a 5 year period at 20% a year," staff member Mr. Varney told the council, and said recipients must provide receipts and proof of payment before the city pays funds.

The applications under review are for a rooftop concept called Renaissance Rooftop, an Indian restaurant identified as Laziz, and a Mexican restaurant identified as Tucasa. Varney said the Renaissance applicant estimates about $200,000 in total investment; the other two applications include more detailed financial projections, including profit-and-loss forecasts and sensitivity analyses that are included in the council packet.

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