BELLFLOWER CITY COUNCIL AGENDA ITEM 11-B
November 14, 2022
continuation
Small business microloan
darts corner llc
1 1
Chapter 5 – small business microloan
OFFERS LOANS FROM $5,000 - $30,000 FOR
WORKING/START-UP CAPITAL
EQUIPMENT/MACHINERY PURCHASES
INVENTORY PURCHASES AND DIRECT BUSINESS EXPENSES
INTEREST RATES OF PRIME + 2%
10 YEAR TERM
2 2
APPLICANT
DARTS CORNER LLC
OWNED AND OPERATED BY TONIA MCMILLIAN
OPENED IN JUNE 2022
17242 DOWNEY AVENUE
BELLFLOWER PLAZA (NEC OF DOWNEY AVENUE AND ARTESIA BLVD.) FORMERLY ENRIQUE’S MEXICAN RESTAURANT
APPLICANT HAS A 5 YEAR LEASE WITH OPTIONS
BAR/LOUNGE FOCUSING ON THE GAME OF DARTS
3 3
BACKGROUND
CITY COUNCIL CONSIDERATION ON OCTOBER 10, 2022
CITY COUNCIL REQUESTED APPLICANT TO CORRECT AND REFINE THE FINANCIALS FOR DARTS CORNER
APPLICANT WORKED WITH STAFF
PROVIDED UPDATED BANK STATEMENTS
PREVIOUS MONTH’S ACTUAL REVENUE
CORRECTED CASH FLOW PROJECTION SPREADSHEET
UPDATED MARKETING PLAN
4 4
LOAN TERMS
APPLICANT IS PROVIDING A PERSONAL GUARANTY AND COLLATERAL PAYMENTS BEGIN 60-DAYS AFTER FULL DISBURSEMENT OF FUNDS INTEREST RATE OF PRIME +2% AT TIME OF APPLICATION
TOTAL INTEREST RATE 7.5%
MONTHLY PAYMENTS OF $358.32
5 5
RECOMMENDATION
RE-OPEN THE PUBLIC HEARING; TAKE TESTIMONIAL AND DOCUMENTARY EVIDENCE; AND AFTER CONSIDERING THE EVIDENCE ADOPT RESOLUTION NO. 22-62; OR
ALTERNATIVELY, DISCUSS AND TAKE OTHER ACTION RELATED TO THIS ITEM 6 6
7 7
Business assistance plan
APPROVED BY CITY COUNCIL ON JULY 10, 2017
AMENDED BY CITY COUNCIL ON JULY 11, 2022
PROVIDES LOANS TO BUSINESS, RESTAURANT AND PROPERTY OWNERS
IMPROVEMENTS TO HELP ATTRACT AND RETAIN BUSINESSES
NOW ALSO MICROLOANS AND ARTISANAL MANUFACTURING RENTAL ASSISTANCE 8 8