Six small businesses get impact loans from City of Des Moines
DES MOINES, Iowa — The Small Business Impact Loan Program is a first for the city of Des Moines, helping six first-time business owners looking to take the next step.
The city granted $100,000 total, so the loans range from $5,000 to $20,000 with repayment time between three to five years.
For some businesses, this meant helping to establish a brick and mortar, for others, a new addition, upgrades or more inventory.
The six businesses are: 24K Juice, Black Bagel, Chandelier, Tullpa Restaurant, Rook Room and HOTORI, an Asian household goods store.
'So, we were able to get $15,000 from them to go towards inventory, go towards some build out things. They've been super helpful for us, and it's allowed us to get some flexibility in terms of like getting things going,' HOTORI owner Nam Ho said. 'So, I think programs like this with the city, it gives a little bit more room for people to get things started.'
HOTORI is also hoping to share their culture with Des Moines.
Caitlin Clark Foundation dishes another assist
'Having a store that carries unique products especially from Asian or Asian American makers is something that I think there's a gap in. So being able to sort of fill that, having it in our own city I think is important to having the city grow,' Ho said.
'Everyone that comes in the store kind of knows a little bit, something about culture and enjoys it themselves. I think they've been really appreciative of just being able to come in,' HOTORI co-owner Torri Myers said.
Rook Room is another small business loan recipient. After six years of hosting board game events around Des Moines, they're finally opening their doors to a game lounge and cafe at the end of the month.
'The city having a program where if you're denied other sources of funding, when people don't quite get your vision of bringing up first of its kind concept to a new city, the city that can then step in and make that happen. That's amazing' Rook Room co-owner Tony Tandeski said. 'We have talked to so many people that are like, okay, so are you a bar? Are you a restaurant? Are you a cafe? What are you? I don't get the game concept. Are you an event center? We're not understanding the concept. For the city to be able to come in and say, I believe in your vision. I believe in what you can create. I believe in what you're bringing to this area of the city and then put the money behind that, the funds to actually make it happen, make that dream a reality. It feels so good to have somebody believe in you, and for that city to back you up to make that dream a reality.'
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