Denver City Councilmember Peggy Lehmann and representatives from the Denver Office of Economic Development (OED) will participate in a ribbon cutting event to celebrate the opening of SarahCare Adult Day Center at 8000 E. Quincy Ave. This event will mark the first Federal Stimulus business development loan to be completed by OED.
The center is the first SarahCare franchise to open in the state. SarahCare franchises provide older adults, in need of assistance, a range of medical and related services in an upscale social community. SarahCare at DTC features a beauty salon, putting green, café, library and media rooms. The project will create at least 10 - 15 jobs within the health care sector, while activating a property that has sat vacant for 6 years.
"SarahCare is a wonderful addition to the City's small business lending portfolio of clients that are creating jobs while revitalizing areas throughout Denver," said André Pettigrew, executive director of the Denver Office of Economic Development. "We're excited to assist a business in the growing healthcare sector that will provide important services for our residents throughout the community."
Through OED small business lending unit, SarahCare at DTC received a loan to finance a portion of furniture, fixtures, equipment and working capital expenditures. OED's gap financing programs lend a portion of project costs, thereby inducing banks to provide the bulk of the financing for small businesses. The federally-funded program helps stimulate job creation throughout the City and County of Denver.
The loan received by SarahCare was made possible by Community Development Block Grant-Recovery (CDBG-R) funds received through the American Recovery and Reinvestment Act. Denver received a $2.46 million CDBG-R allocation, which is supporting business lending projects and community/neighborhood improvements.
"We're so proud to have SarahCare located in our district," said Lehmann. "Their location is outstanding, with easy access off of the interstate. SarahCare will serve as a real valuable business not only for constituents of District 4, but for residents from throughout the entire southeast Denver regional community."