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PDC approves Luna and MoonBats loans, tables Mandy and Matt’s Cafe request
Summary
The Portland Development Corporation approved a $57,000 loan for Luna (with a six-month interest-only period) and an $80,000 loan for MoonBats Poster Shop, and tabled a $150,000 gap-financing request for Mandy and Matt’s Cafe pending additional staff information.
The Portland Development Corporation approved two small-business loans and tabled a third after presentations, Q&A and an executive session.
Luna, a female-owned coffee and smoothie shop proposed by Naomi Hall, received a $57,000 loan approval with an added staff amendment: a six-month interest-only period at the start of the loan. Nancy, the staff presenter, said the loan underwriting was done by David McLaughlin. Naomi described Luna’s plan to operate inside Salud Studios in East Bayside with a drop-in childcare component and a subscription-style membership model tied to studio users. "I'm really excited about this opportunity and this sort of bridal," Naomi said, adding that drop-in childcare is a service she sees as urgently needed and that she has postpartum and child-development experience to draw on.
The board tabled a $150,000 gap-financing request from Mandy and Matt’s Cafe so staff could gather additional information. Nancy described the request as gap financing to enable Matt and Amanda to purchase real estate on Forest Avenue to operate a breakfast-and-lunch restaurant. The applicants said they plan to hire at least one additional cook and a dishwasher, and that parking would be a mix of a private lot, street parking and an agreement for additional spots nearby; the board directed staff to return with follow-up materials.
MoonBats Poster Shop, proposed by Kimberly "Kevin" Greer, was approved for an $80,000 loan as recommended by staff. Kevin said the store will focus on 18-by-24 posters, will operate late hours to serve audiences coming from nearby venues, and will prioritize in-person retail to support artists. "I'm in love with posters," Kevin said, describing months of sidewalk sales and a business plan aimed at returning a significant share of sales to artists.
Votes on the three loans occurred after a closed executive session. The record shows the board approved Luna’s loan (with the six-month interest-only amendment), tabled Mandy and Matt’s request for further review, and approved MoonBats’ loan as presented. The loans remain subject to final underwriting and documentation by staff.
