James Newman, 12/14/07
The Fillmore: The four marquee restaurants/nightspots along the historic but troubled Fillmore stretch—1300 On Fillmore, Yoshi's, Rasselas and Sheba Lounge—have asked the San Francisco Redevelopment Agency for a bailout of sorts, "looking for additional loans and to restructure debt to survive." The entire Business Times article isn't online yet, but the print version says that the foursome—which originally received public financing during the district's redevelopment—is asking the city for a combined $2.4 million in new loans (Copia: "You can do that?!"). $1.5 million of that figure is requested by Yoshi's alone; 1300 is asking $624,000 "for immediately working capital" and the others are seeking a combined $280,000.
Despite those numbers, the BizTimes says it's actually 1300 that is in the most immediate peril:
Most pressing among the needs is 1300 On Fillmore ... The upscale soul food restaurant recently informed the agency that it had 'exhausted its limited working capital and has not been able to borrow additional working capital from private lenders'And it's already started. Earlier this month, the city authorized an emergency $100,000 loan to 1300 that allowed the restaurant to meet payroll and pay off vendors.
· Fillmore businesses ask redevelopment agency for loans [BT]