Columbus food companies have received $130 million in grants from the Restaurant Revitalization Fund

COLUMBUS, OHIO (COLUMBUS BUSINESS FIRST) — Central Ohio restaurants, breweries, caterers and other food companies have received approval for $130 million in grants through the federal Restaurant Revitalization Fund.

That was divided among 535 companies in the region for an average loan of $244,001.

The largest local recipient was Rise Brands Inc., operators of Pins Mechanical Co., 16-Bit Bar + Arcade, and more. The company received $5.7 million from the fund.

We would make our people whole, said founder Troy Allen.

At Rise, salaried workers get their pay back for the cuts they took during the pandemic, while employees get hourly bonuses tied to the time they’ve been with the company, Allen said. Some of the money will go towards paying back debts incurred during the pandemic, including rent arrears and loans for economic damage incurred by the company.

This is like resetting the company, Allen said.

Unlike last year’s Paycheck Protection Program, which focused primarily on the workforce, the RRF program offered broader permitted uses, including paying for maintenance, mortgage, utilities, or even expansion construction.

It was created to make up for lost income from the past year and does not have to be repaid provided it is spent on permitted uses. Companies were eligible for a grant of up to $10 million.

Angela Petro, whose catering company Together & Co. received $1.98 million, said that while the Paycheck Protection Program was akin to emergency medicine that kept her company from dying, the RRF grant is physical therapy.

Wed survive, but we’ll have to limp for the next two or three years, she said. We wouldn’t have the money to invest back in our team, in staff and benefits, in reinvesting in equipment.

To keep its head above water, the company has taken out high-interest loans in the past year. The RRF grant allows it to pay off these and also pay suppliers.

We can make everyone whole now, Petro said. The ripple effect of this is significant. This money goes back to the economy.

Statewide, 2,844 small businesses were approved for funding at an average of $203,820 per grant.

Nationally, more than 101,000 branches were approved for $28.6 billion in grants.

However, the demand far outweighed the supply. The Small Business Administration previously said there were more than 362,000 applications seeking $75 billion in funding, meaning applicants were: more likely not to be approved then be approved.

The Restaurant Revitalization Fund Replenishment Act of 2021 currently in Congress proposes: add another $60 billion in grants in, but if and when of his approval remains unknown.

In Ohio, the state also makes grants up to $30,000 available qualifying food businesses in a new program announced this month.

click here for a searchable database of all companies approved for grants. Watch the data released by the SBA was for approvals only. Companies did have the option of rejecting the grant.

The largest individual approvals in Central Ohio were:

• Rise Brands Inc., $5.7 million
• Barroluco LLC, $3.25 million
• CLB Restaurant Holdings LLC (Matt the Millers), $2.98 million
• RGB LLC (Union Café), $2.17 million
• Dave Cunningham (food truck/cart, catering), $2 million
• Two Caterers Inc. (Together & Co.), $1.98 million
• J. Fred Schmidt Packing Co. (Schmidts), $1.81 million
• Milos Deli & Café Inc., $1.69 million
• Flannagan-Dublin Inc., $1.56 million
• Brewpub Restaurant Limited Partnership (Barley), $1.42 Million

And these were the largest individual approvals statewide:

• Select Management Holdings (Pier W, eight other US restaurants), Beachwood, $10 million $
• Thunderdome Restaurants Cincinnati, (Bakersfield, The Eagle), $10 million
• Barrio Bros LLC, Cleveland, $6.07 million
• Rise Brands, Columbus, $5.7 million
• The Metropolitan Hotel LLC, Cleveland, $5 million
• First TDT LLC (hotel), Toledo, $5 million
• Burntwood Tavern Holdings, Chagrin Falls, $4.02 million
• Gratzi Catering LLC, Cincinnati, $3.95 million
• Frickers Holding Co. Inc., Miamisburg, $3.28 million
• Barroluco LLC, Columbus, $3.25 million

For more business headlines, visit ColumbusBusinessFirst.com.