Letter to Marianne Markowitz, Administrator Small Business Administration - Urges SBA to Expeditiously Review $1.15 Million Loan so Hart's Can Stay on Schedule for Opening in May
Letter
Dear Acting Administrator Markowitz,
I am writing on behalf of a significant new commercial development in downtown Rochester, NY which is dependent on timely action by the U.S. Small Business Administration (SBA). Specifically I ask that the SBA expedite consideration of a $1,150,870 SBA 504 loan for a new downtown grocery market in Rochester, Hart's Local Grocers. I understand the application is currently pending with the SBA loan office in California and awaiting final processing.
Hart's, which will initially employ about 20 workers, is counting on being able to open for business in May, 2014. In order to keep to this timeline, the business has secured an approximately $3 million loan with Canandaigua National Bank to begin renovations to transform a 20,000 square foot former automobile repair shop in downtown Rochester into the new grocery store. However, in order to close on this $3 million loan as planned this week and keep to their timeline, there is a requirement that the SBA must first provide a commitment letter approving the accompanying SBA 504 loan.
Hart's will be the first sizable grocery store in Rochester's downtown in over two decades and thus the economic development benefits of this new venture extend far beyond the new construction and direct jobs that will be created at the store itself. For years local officials have cited the lack of a grocery store as a major impediment to attracting new housing, residents, and other business activity into Rochester's downtown core. Thus, the timely opening of this new grocer is a major linchpin in the City of Rochester's efforts to support continued vibrant mixed-used development in the heart of the city.
Therefore, I ask the SBA to provide timely consideration on this 504 loan application and provide the requisite commitment letter needed to enable this important development to begin construction and open on time this May.
Source