February 12, 2018
THE GROW LONG BEACH FUND CLOSED THIS SMALL BUSINESS LOAN TO ASSIST LOCAL RESTAURATEUR TO OFFER MORE CUSTOMERS HIS HOMESTYLE CUISINE AND CREATE MORE JOBS
Panvimarn Thai Cuisine in North Long Beach opened in 2009 and expanded in 2015, and is set to open a second restaurant at a new location in downtown Long Beach. With the help of the Grow Long Beach Fund, the majority owner Paknavin (Joseph) Khemsap opened Blue Haven Thai Cuisine in April 2017. The Grow Long Beach Fund, created 20 years ago as a partnership between the City of Long Beach and the National Development Council, assists local businesses to grow and expand in the community.
A native of Bangkok, Thailand, Joseph uses his grandmother’s recipes and the cooking skills he learned from her in the kitchen since the age of 11. His passion for cooking comes across in the authentic taste of his dishes and the efficiency with which he runs his operations. The restaurant concept is casual and affordable yet in an upscale ambiance that evokes the feeling of being on vacation in Southeast Asia.
The second location, Blue Haven Thai Cuisine, will be in downtown Long Beach at 740 E. Broadway near the intersection of Alamitos Ave.
“We feel very fortunate to have found the Grow Long Beach Fund, the program provided flexible capital which allowed us to expand our business to a second location,” said Paknavin (Joseph) Khemsap, Owner of Blue Haven “From start to finish, the loan closing process went very smoothly. We look forward to having a continued impact on The City of Long Beach by providing jobs and delicious food for the community.”
The Grown Long Beach loan of $535,000, which officially closed in August 2016, will allow for the completion of improvements to the new location space. At the original location, Panvimarn Thai Cuisine employs 35 people. Blue Haven Thai Cuisine plans to add at least 10-15 full-time employees in the next 1 to 2 years. Hourly wages are at or above the minimum wage in California (currently $10/hr.). Paid sick time is available to all employees.
About The Grow Long Beach Fund
The Grow Long Beach Fund is a partnership between the City of Long Beach and the NDC Grow America Fund. It was established as a small business loan program run by an experienced non-profit lender, NDC, which has been working with cities to help small business grow for more than 20 years. This funding is for established businesses within the city limits, with at least three years’ experience, who are profitable and looking to expand. It can fund working capital, machinery and equipment, leasehold improvements, real estate acquisition and construction. Typical terms are 7-25 years, depending on what is being financed and rates start at Wall Street Journal Prime + 1.5% (variable, fixed rates are available too).