Duo's resuscitation of historic tavern received key boost.Christian Frizzell is a veteran of L.A.'s bar scene. For the last decade, the 31-year-old has managed or consulted for trendy nightspots such as Good Luck Bar and Three of Clubs, where he met his partner Dev Dugal, 28, a former software developer with an M.B.A. from Pepperdine University Pepperdine University is a private institution of higher learning affiliated with the Church of Christ in unincorporated Los Angeles County, California, United States. The university's location overlooks the Pacific Ocean and is adjacent to the city limits of Malibu. . The duo decided to form a partnership to buy their own bar and were already in escrow on a location in the Mid-Witshire district when they fell in love with the Redwood Bar and Grill, a one-time downtown hotspot. The former Redwood Saloon served John F. Kennedy "John Kennedy" and "JFK" redirect here. For other uses, see John Kennedy (disambiguation) and JFK (disambiguation). John Fitzgerald Kennedy (May 29, 1917–November 22, 1963), was the thirty-fifth President of the United States, serving from 1961 until his assassination in , Richard Nixon, and most of the L.A. Times news staff in its heyday. The only problem was the Redwood had been shuttered for over a year. "The Redwood had a grandfather clause grandfather clause, provision in constitutions (adopted 1895–1910) of seven post–Reconstruction Southern states that exempted those persons who had been eligible to vote on Jan. which allowed it to be reopened as a bar/restaurant if it was done within two years," Frizzell recalled. "Most of the $800,000 we needed to re-open came through private investments. But the $20,000 SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government loan was key to our long-term plans. It established viability with the bankers, and gave us access to incentives the city was offering to small business owners moving downtown." Frizzell and Dugal Were steered toward an SBA Community Express Loan, through Audrey Madrigal madrigal, name for two different forms of Italian music, one related to the poetic madrigal in the 14th cent., the other the most common form of secular vocal music in the 16th cent. and Warren Cooley, project coordinators for downtown's historic retail district working at the Valley Economic Development Center. Frizzell heard about the development center while working for the Golden Gopher, another downtown bar and lounge that used SBA programs. The express loan is typically given to novice borrowers such as Dugal who have no previous ownership experience and will benefit from technical assistance both before and after the loan has closed, usually from a non-profit entity such as the development center. The development center's Capital Access Center packaged the loan, guaranteed by the borrowers' personal property, through Innovative Bank. "The Community Express Loan came through late in the game," Dugal explained. "We had intended to have a cash register system, but being a bar/lounge with banquet facilities, we realized that we needed to upgrade to a restaurant POS (point-of-sale) system, which cost roughly $20,000. Construction expenses were higher than we had anticipated and by that point, we were really strapped for funding to make our opening." Dugal said the development center helped them fine tune their pro forma statements Pro forma statement A financial statement showing the forecast or projected operating results and balance sheet, as in pro forma income statements, balance sheets, and statements of cash flows. and projections, as well as introduce them to the City of L.A.'s enterprise zone program, which includes tax breaks and incentives. The development center also made sure reps from mayoral and City Council offices were present at the Redwood's grand re-opening. "The interest rate with an SBA loan was a little higher than going with private money," Dugal said. "But the whole process was so smooth that we'd like the funding ratio Funding ratio The ratio of a pension plan's assets to its liabilities. for our next bar to be higher from SBA and lower from the private lenders, who always have a de facto [Latin, In fact.] In fact, in deed, actually. This phrase is used to characterize an officer, a government, a past action, or a state of affairs that must be accepted for all practical purposes, but is illegal or illegitimate. voice into the choices we make." By DAVID David, in the Bible David, d. c.970 B.C., king of ancient Israel (c.1010–970 B.C.), successor of Saul. The Book of First Samuel introduces him as the youngest of eight sons who is anointed king by Samuel to replace Saul, who had been deemed a failure. GEFFNER Contributing Reporter |
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