Restaurant Revitalization Fund Program – Part Four - Information On Four Other Local Businesses

Category: Community News Community News
Published: 29 July 2021 29 July 2021

The Chronicles Of Grant County

restaurant one pixabay sergei grin november 8 2019 50(The photograph of a place setting was provided courtesy of Sergei-Grin through Pixabay, November 8 2019.)

The COVID-19 Pandemic has affected many businesses in Grant County and throughout the United States. Several Federal programs were created to help existing businesses survive and recover from this pandemic. The Restaurant Revitalization Fund (RRF) Program was one of those programs designed to stabilize and enhance the economy. This program is part of the Small Business Administration (SBA).

Six businesses in Silver City received grants through the RRF Program.

Two of those businesses agreed to provide information to The Grant County Beat on how they have used and plan to use funds provided through the RRF Program. Parts Two and Three of this news series detailed comments from those two food-related businesses.

Four of the six businesses, though, either did not respond to multiple requests for comments or chose not to answer questions. Phone messages were left with three of the four businesses, and a phone message was left with a representative of a real estate company that has the listing to sell the property of the fourth business. Emails were sent directly to two of the businesses with publicly available email addresses. Emails were sent to a representative of a real estate company that indicated that the emails would be forwarded to a representative of that food-related business. The fourth business did not have a readily accessible, publicly available email address.

In total, these four businesses received $862,836.09 in Federal dollars from two programs of the SBA. One of the businesses received more than 70% of all of those dollars. One of the businesses received less than $6,000.

Please note that there is no obligation of recipients of grants from the RRF Program to answer questions from the news media, including The Grant County Beat. Some information, though, is publicly available through the SBA database of recipients of funds from this Federal program.

According to the SBA:

DiBodine's Fine Foods Inc. received $440,055 in grant funding through the RRF Program. The business is listed as having its address at 510 North Bullard Street in Silver City.

Kountry Kitchen LLC received $24,011.40 in grant funding through the RRF Program. The business is listed as having its address at 1700 Mountain View Road in Silver City.

Taste Of Vegas LLC received $5,917 in grant funding through the RRF Program. The business is listed as having its address at 303 East 13th Street in Silver City.

Yesterday's Enterprises Inc. received $150,924.69 in grant funding through the RRF Program. The business is listed as having its address at 2800 Pinos Altos Road in Silver City. The property at this location is listed for sale on several websites, including on LoopNet. LoopNet is a web search site for commercial real estate; it is not the listing agent for the property. This specific listing on LoopNet included wording of "Date Created 3/22/2021." You can view this real estate listing by clicking here.

 Businesses are able to utilize RRF Program grants for certain types of expenses, including ones for beverage and food products, debt service, maintenance, mortgage loans, payroll, rent, supplies, utilities, and other operating costs. Funds can be spent up to March 11, 2023.

In addition to the RRF Program funding, three of these four food-related businesses also received Paycheck Protection Program (PPP) loans from the SBA.

PPP funds used for specific business purposes allow the SBA to convert a loan into a grant for a participating business. Among the uses allowed for monies secured through the PPP are such costs as payroll, mortgage interest, rental payments, and utility expenses. If the SBA does not approve forgiveness of some or all of the loan, then that portion not forgiven must be repaid in full plus interest.

Some information detailing PPP loans is available through the SBA database of recipients of funds from this Federal program.

According to the SBA:

DI Bo Dine Fine Foods Inc. also received two Paycheck Protection Program (PPP) loans from the SBA. One loan was in the amount of $75,000; this loan was issued on April 3, 2020. This loan was either forgiven by the SBA or paid in full by the borrower as of October 13, 2020. The second loan was in the amount of $105,000; this loan was issued on January 19, 2021. As with the RRF Program grant, this business is listed as having its address at 510 North Bullard Street in Silver City.

Kountry Kitchen LLC also received two Paycheck Protection Program (PPP) loans from the SBA. One loan was in the amount of $25,000; this loan was issued on April 10, 2020. This loan was either forgiven by the SBA or paid in full by the borrower as of December 9, 2020. The second loan was in the amount of $13,000; this loan was issued in January of 2021. This loan was either forgiven by the SBA or paid in full by the borrower as of June 15, 2021. As with the RRF Program grant, this business is listed as having its address at 1700 Mountain View Road in Silver City.

Yesterday's Enterprises Inc. also received a Paycheck Protection Program (PPP) loan from the SBA. The loan was in the amount of $23,928; this loan was issued on June 26, 2020. This loan was either forgiven by the SBA or paid in full by the borrower as of January 26, 2021. As with the RRF Program grant, the business is listed as having its address at 2800 Pinos Altos Road in Silver City.

As noted above, these four businesses received $862,836.09 overall in Federal dollars. This includes a total of $620,908.09 in RRF Program grants and an additional $136,928 in PPP loans that were either forgiven by the SBA and/or paid in full by the borrower. The remaining funds – $105,000 – is in a PPP loan that is still outstanding.

Also, as noted above, all of the data detailed here is from databases of the SBA.

You can review the SBA information and databases on the RRF Program grants by clicking here.

You can review the SBA information and databases on the PPP loans by clicking here.

The Grant County Beat is still willing to receive comments from these four businesses. If the information in the SBA databases is incorrect, please let us know and we will update this news column.

restaurant two pixabay mary brey pixabay january 13 2019 75(The photograph was provided courtesy of Mary Brey through Pixabay, January 13, 2019.)

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© 2021 Richard McDonough

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