Council gives okay for loan to downtown restaurant

August 15, 2007
Santa Paula City Council

The City Council last week approved a loan of $25,000, under the Community Development Block Grant (CDBG) micro-loan program, to Vince’s Coffee Shop in downtown Santa Paula.

Brian D. WilsonSanta Paula TimesThe City Council last week approved a loan of $25,000, under the Community Development Block Grant (CDBG) micro-loan program, to Vince’s Coffee Shop in downtown Santa Paula.The city micro-loan program began in 2005 with a loan from the Redevelopment Agency to the Glen Tavern for kitchen equipment. Two more loans were subsequently approved and funded. One of the loans for $25,000 was repaid in full and went back into the city’s’ commercial micro-loan program. The request from Vince’s has been the only application since the funds became available for reuse.
The new owners of Vince’s, Manuel and Eugenia Arenas, requested the loan for working capital for their first year of operation. After purchasing Vince’s last year, Mr. and Mrs. Arenas learned that renovations were going to cost much more then they had anticipated. They invested over $60,000 of their working capital in the work thus far and asked for the loan for the purchase of inventory and also for a payroll reserve.The Arenas’ currently operate two other local businesses, Emma’s flowers on 10th Street and MJ trucking. Along with the purchase of the restaurant, the Arenas’ bought all of the recipes that made Vince’s a popular downtown eatery. They will be expanding their operating hours to include dinner.The loan will be repaid at 5.23 percent interest, which will total $32,158.



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