The Georgia Department of Community Affairs (DCA) recently granted a $188,000 loan to the Thai Palace in Olde Town Conyers, the fourth such loan to an Olde Town business.
The Conyers Downtown Development Authority (DDA) applied for the loan on the behalf of Chamnean and Siwarin Montha, owners of Thai Palace, through the DCA's Downtown Development Revolving Loan Fund Program.
The Monthas purchased the building on Main Street in April 2008 after leasing restaurant space on Commercial Street where Thai Palace originally opened in 2002.
"The Monthas invested $89,000 in renovations to the Main Street restaurant and this low interest loan will certainly help them in their continuing financing of the building," said Dr. John Fountain, Conyers Downtown Development Authority chairman. "We are very appreciative of the great working relationship we experience with DCA to stimulate economic growth and development in Olde Town Conyers."
Thai Palace is the fourth Olde Town project to receive low interest funds through the DCA and the Georgia Cities Foundation. These projects include acquisition and renovation of The Pointe, a neighborhood pub, the acquisition and renovation of Southern Komfort Boutique on Commercial Street and the Olde Town Gallery and Studio acquisition and renovation. The total funding for all projects from both agencies combined equals investments of over $1,083,700 in low interest loans with a total merchant investment of over $2,031,000.
For more information on the Conyers Downtown Development Authority and projects in historic Olde Town Conyers, call Monica Coffin at 770-929-4239. The Conyers DDA meets the first Tuesday of each month at 6 p.m. at Conyers City Hall and the public is invited to attend and encouraged to become involved.