Low interest loan capital to support full time job creation through restaurants creating new revenue streams in response to ongoing economic challenges in Oakland's 7 CDBG-designated districts. - <p><span>Main Street Launch will use $800,000 in CED funds to finance the Business Resilience Loan Fund, targeted to expand two local restaurants in Oakland, California. CED funds will be used to provide low interest loans and technical assistance to two restaurants to assist them in adapting their business models and diversifying their revenue streams in light of recent economic challenges. The additional capital will allow restaurant businesses to expand their operations to include activities such as wholesale, catering, curbside takeout and outdoor dining. Two restaurants, Calabash and Reem’s California, were selected for initial loans and have developed expansion plans that will create new full-time full-year positions, and the remaining funds will be used for loans to 2-3 additional restaurants in the future. Main Street Launch’s partner Unity Council will provide wraparound services for new employees including affordable housing, food distribution, financial coaching, early childhood education and tax preparation assistance. This project will create 39 new jobs, 29 of which will be filled by individuals with low incomes.</span></p>
