Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Storefront Loans topic
No spam. Unsubscribe anytime.
PDC approves storefront and working-capital loans for Feast Ephemera and Bub's Home Kitchen
Summary
The board approved a combined package for Feast Ephemera — a $20,000 interest-free storefront loan and a $50,000 commercial loan at 7.75% — and a $15,000 interest-free storefront loan for Bub's Home Kitchen, after public presentations from the two restaurateurs describing job creation and plans for outdoor seating and market activation.
The PDC board approved two loan packages to support small businesses in downtown Portland.
For Feast Ephemera, the board approved a combined package: a $20,000 interest-free storefront loan for façade and signage work and a $50,000 commercial working-capital loan (the board recorded the commercial loan interest rate as 7.75%). William Emery Justice, introduced by staff as a restaurateur, described converting 122 Washington into a daytime bakery and an evening farm-to-table restaurant, and said the project is expected to create about 12 jobs. He said the bakery opening was delayed by a plumbing issue but hoped to open the following week, with the restaurant side aimed for early to mid-May.
For Bub's Home Kitchen, staff apologized for a typo in the memo and said the application is for a $15,000 storefront loan. James Schafer, who staff said operates a business at the Portland Public Market, described plans to build 24 outdoor seats in two 100-square-foot sections at Monument Square, to support an expanded farmers market and draw more foot traffic to the Congress Street corridor.
Both loan approvals were moved and seconded after the board returned from executive session for financial questions; the board then conducted roll-call votes and approved both items. Staff noted loan terms and program rules would govern implementation and that recipients must meet any city insurance and permitting requirements for shared outdoor seating areas.
