Expansion assisted by City’s Family Business Loan Program
The City of Austin Economic Development Department this week celebrated the re-opening of Kome’ Sushi Kitchen, the City’s most recent recipient of a Family Business Loan, with a ribbon cutting ceremony at its newly expanded location at 5301 Airport Boulevard.
Takehrio & Kayo Asazu, owners of Kome’, have grown their operation from a successful food trailer to launching multiple food related businesses including Daruma Ramen, a partnership called Sa Ten Coffee and Eats, and Kome’ Sushi Kitchen. They will be opening another location in downtown Austin in October 2018 called Nikome. Located at 111 Congress Avenue in a new food court with five other locally owned restaurants, Nikome will be a hybrid of the ramen noodle and sushi concepts.
(Pictured on the right from left to right: Xavier Zarate, Loan Officer, Family Business Loan Program; Takehiro and Kayo Asazu, owners of Kome’ Sushi Kitchen; Sonya Gonzalez, Bank Officer for ABC Bank, and Sylnovia Holt-Rabb, Assistant Director of the City of Austin’s Economic Development Department.)
Kome’ Sushi Kitchen utilized the City of Austin Economic Development Department’s Family Business Loan Program (FBLP), a low interest small business loan, to finance the expansion from 1700 square feet to 3300 square feet, nearly doubling the square footage. The restaurant space will seat 98, expanding seating capacity 25%, outdoor waiting area, larger lobby, full bar, ample parking and noise cancellation paneling.
Sylnovia Holt-Rabb, Assistant Director of the City’s Economic Development Department remarked “The City is proud to play a part in the expansion of local businesses. Our low-interest loan program exists to strengthen and support Austin small businesses that are, in turn, creating jobs.”
The approved financing of approximately $200K allowed the Asazus to relocate and expand their business from 4917 Airport Blvd to the larger space at 5301 Airport Blvd location. As a result, Kome’ Sushi Kitchen has committed to creating 16 full-time jobs with eight dedicated to employing low- to moderate-incomed individuals over the next five years.
FBLP is the result of a public-private partnership between the City of Austin Economic Development Department, the U.S. Department of Housing and Urban Development, and American Bank of Commerce. The program, with a $40 million loan pool that utilizes no city funds, helps small businesses finance expansions that create jobs.
FBLP mission is to enhance the overall quality of life for Austin residents. The program requires borrowers to create one job for every $35,000 borrowed, and 51% of individuals hired must be deemed low to moderate income as defined by federal levels.
For more information on the Family Business Loan Program, call 512-978-2502 to speak with a Loan Program Advisor.
About Small Business Program
The Small Business Program is a division of the City of Austin’s Economic Development Department and is committed to providing opportunities and resources to small businesses to help them grow and prosper in a competitive business environment. www.smallbizaustin.org.
About American Bank of Commerce
American Bank of Commerce first opened for business on September 11, 1962. American Bank of Commerce has five banking centers in Lubbock, Texas, six banking centers in Austin, Texas, one in the Dallas area, one in Colorado Springs and one in Pueblo, Colorado. Shasi Wilson, Senior Vice President, heads the Small Business Administration (SBA) Department and works to assist new and existing small business owners with their various banking needs.