Wednesday, December 18, 2013

Obama Bankrolls Austin Yoga Studio

A nauseating discovery from the Austin Post:
Practice Yoga, 1103 E. Sixth St., is a beneficiary of the federally-funded Family Business Loan Program, city officials touted during a Dec. 16 news conference.
“Without the support of a program like the Family Business Loan Program, this property may not have been renovated back to the community as a donation-based yoga studio, increasing access to the community of affordable-based yoga,” said Kevin Johns, director of the City's Economic Development Department.
Practice Yoga co-owner Rey Cardenas, a former professional online poker player, said he "grossly underestimated" how much opening the donation-based yoga studio would cost. Through the loan, Santis helped pay for facility improvements such as new floors and mirrors.
"I couldn't imagine it working out as well as it has," Cardenas said.
The Family Business Loan Program is a public-private partnership between the Economic Development Department, the U.S. Department of Housing and Urban Development, and ABC Bank. The program has a $40 million loan pool at its disposal and offers lower interest rates and smaller equity investment than traditional loans.
 Because any business worth pursuing has to put taxpayers on the hook....

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