Mr. Young Yoo, owner of Korean-Hawaiian restaurant Ohana BBQ
The Mid-City BusinessSource Center (BSC) recently helped Mr. Young Yoo, owner of Korean-Hawaiian restaurant Ohana BBQ, acquire $224,000 through various disaster loan programs which allowed him to keep six of his employees on payroll.

Mr. Yoo emigrated from Korea to the United States in 1980. In 2005, he purchased the Korean-Hawaiian restaurant Ohana BBQ, based in Studio City. During the peak of the pandemic in March and April 2020, Ohana BBQ’s revenue dropped dramatically.

In March 2020, he was referred by the Southern California Korean Restaurant Association Group to the Mid-City BusinessSource Center. At the center, he was able to receive one-on-one business counseling in Korean, his native language. The business counselor provided Mr. Yoo in-depth technical assistance by helping Mr. Young develop his business project budget, financial statement, and translating any relevant emails to Korean throughout the application process.

The counselor discussed the different types of available COVID-19 disaster loan programs, explained loan application procedures and usages, and guided him in preparing all required loan documents. The counselor also advised him how to meet new business and safety guidelines from the Centers for Disease Control and Prevention (CDC) and OSHA in order to reopen.

With the business counselor’s guidance, Mr. Yoo successfully obtained three loans totaling $224,000 from the federal Paycheck Protection Program (PPP), SBA Economic Injury Disaster Loan (EIDL), and from the City of Los Angeles Small Business Emergency Microloan. With the loans, Mr. Yoo has the working capital to cover expenses and keep his business running, including rent, utilities, and payroll to retain six employees.

Ohana BBQ is currently offering outdoor seating, delivery, and take-out options.

EWDD’s BusinessSource and WorkSource Centers offer a variety of Business Services, including several Financial Programs and Development Incentives for businesses of all sizes. Learn how EWDD can help.

This story is part of the EWDD UPDATES from the week of September 28, 2020. Read this issue and more.