HomeMy WebLinkAbout[05] EDA Revolving Loan Fund - Krewe Restaurant and Bakery
Council Agenda Item 5
MEETING DATE: September 5, 2019
AGENDA ITEM: EDA Revolving Loan Fund (RLF) – Loan to Krewe Restaurant and Bakery
SUBMITTED BY: Administration / EDA
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: After reviewing the application and
financials and plan for the owners and business, The EDA has recommended approval of a seven year
loan of $52,500 at a 3% interest rate.
PREVIOUS COUNCIL ACTION: N/A
BACKGROUND INFORMATION: Krewe Restaurant and Bakery has requested RLF Loan from the St
Joseph EDA. This loan will help them start up a New Orleans and Cajun Restaurant along with a
French/Scandinavian Bakery in St Joseph. The City of St Joseph will receive an interest in business assets
such as kitchen equipment, and a personal guarantee from the owners.
BUDGET/FISCAL IMPACT: $52,500.00 (Currently 2/3 of the RLF balance)
ATTACHMENTS: N/A
REQUESTED COUNCIL ACTION: Authorize the EDA to execute a loan to Krewe Restaurant and Bakery in
the amount of $52,500 at a 3% interest rate for 7 year term