The Worthington Economic Development Authority on Monday approved an application for its Two Percent Loan Program from Sayveo’s Asian Food Market.
The business, located at 1033 Second Ave., is planning work that includes the addition of a kitchen in the building and renovation of the breakroom area. This work will allow for deli-type service in the business. The business currently employees one-full time employee and plans to add another as a result of this renovation.
One bid for the work was solicited from Johnson Builders and Realty with a total cost of $177,402. This cost will go up as architectural services have been needed in the planning process. The EDA’s program stipulates that a private lender shall provide at least half of the total loan amount at market rate with the EDA providing the rest, up to $50,000, at two percent interest for a term of up to 15 years.
Sources of funding for the work include: First State Bank Southwest, $50,000 2. Worthington EDA, $50,000; the Main Street Economic Revitalization Program, a $30,000 grant; and $50,000 in cash. The Two Percent Loan Subcommittee met Feb. 9 to review the application and supporting documentation and recommended approval of a $50,000 loan at two percent interest amortized for a 15-year term secured by a mortgage on the building at 1033 Second Ave. and a rental property at 926 11th St.
Also Monday, the EDA approved a façade improvement matching grant application from Nathalie Nkashama for signage at her World Mart business located at 1131 Oxford St., Unit 2. The applicant plans to install signage for her business, which is a grocery store with community space available). World Mart was awarded $1,030.80 based on the low bid from Western Print.