Expansion assisted by City of Austin Family Business Loan Program
Medici Roasting utilized the City of Austin Economic Development Department’s Family Business Loan Program to finance the construction of the 3,300 square feet space which includes a roasting facility in the back of the coffee shop.
“The City is proud to assist local small business owners and entrepreneurs in reaching their full potential to create jobs for the Austin community,” remarked Sylnovia Holt-Rabb, Interim Deputy Director of the Economic Development Department. “One way we assist business owners is through the City’s Family Business Loan Program, which provides low-interest loans to expand local small businesses and create jobs.”
The approved financing of approximately $800,000 allowed Medici Roasting to build out a coffee shop that includes its first ever roasting facility, which will supply freshly-ground coffee to their growing enterprise. As a result of the loan, Medici Roasting has committed to creating 30 full-time jobs over the next five years to help grow Austin’s employment base.
“Working with the City of Austin to refinance was great. There are so many things you need to do as a small business owner,” said Michael Vaclav, owner of Caffé Medici & Medici Roasting. “This has been a great experience working with them, actually making these dreams come true.”
The Family Business Loan Program is a public-private partnership between the City of Austin Economic Development Department and private lenders, and the City partnered with Amplify Credit Union to finance the new Medici Roasting facility. The Family Business Loan Program loans are funded with $11 million from the U.S. Department of Housing and Urban Development (HUD).
The loan program’s mission is to enhance the overall quality of life for Austin residents by helping small businesses finance expansions that will create jobs. The program requires borrowers to create one job for every $35,000 borrowed, of which at least 51% of the jobs created will be held by or made available to low- and moderate-income persons, as defined by prevailing HOME & Community Development Block Grant (CDBG) Program income limits from HUD.
For more information on the City of Austin Family Business Loan Program, call 512-978-2502 to speak with a Loan Program Advisor, or visit www.austintexas.gov/department/family-business-loan-program
About the City of Austin Economic Development Department
The City of Austin Economic Development Department influences revenue generation through its programs and investments in order to secure economic mobility for our residents and promote a competitive, sustainable, vibrant and equitable economy for all. For more information, visit www.austintexas.gov/edd.
About Amplify Credit Union
Established in 1967, Amplify Credit Union’s 200+ employees serve more than 60,000 members and steward almost one billion dollars in assets. Amplify Credit Union is owned and controlled by its members. Anyone who lives, works, or studies in Texas is eligible to join the credit union and maintain their membership, no matter where life takes them. And as our members move through life, we are there to provide them with the financial services - home mortgages, commercial loans, wealth management services, and more - to take that next step in life. Join us at www.goamplify.com.