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The grant application outlines a request for funding to acquire two properties: a building and an adjacent garden lot. The applicant has secured a bank loan for $350,000 but seeks additional funds to cover the total purchase price and closing costs.
The business plan focuses on revitalizing a ballroom on the building's third floor. Plans include restoring its wood floors and renting the space for private events, alongside renting the garden area. Additional activities may involve hosting local musicians and community-oriented events like paint classes.
The justification for funding rests on the financial viability of the investment. Rental income from the property is expected to cover the mortgage. The previous café successfully operated for a decade, indicating sustained community interest in similar businesses.
Competition is limited, with the primary competitors being Dunkin Donuts and Celebrations Café, both located in a nearby town. The application emphasizes a communal preference for supporting local business over franchises, giving this venture a competitive edge in the area.
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General Information
Business Registration Number: 00000000
Location: Sayre, PA, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
The asking price is for 2 separate properties. The building is one, and the lot with the adjacent garden is the other. The bank is willing to provide us with $350,000. We would like to request the remaining amount that covers the purchase price and closing costs.
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Business Plan
The ballroom on the the third floor needs some work (bring the wood floors back to life, etc.). Once the ballroom has been improved, we would rent it to the public for private parties. The garden also gets rented for parties. We also discussed hosting local musicians, holding paint classes, and other events involving community members. The rent collected from the building pays the mortgage, which makes this a solid investment. The cafe previous to us has been successful in business for the past 10 years in this community. This demonstrates public interest in this type of business with the last 5 years in the current location.
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Self Identified Competition
The only other competitors I can think of would be dunkin donuts in Sayre, and Celebrations cafe also in Sayre. The proposed purchase is in Athens. Dunkin Donuts is a franchise and in this community, people like to invest in small community business owners. Celebrations is more of a bakery but also provides cafe amenities.
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Contact Applicant
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