KENT STATE Federal loans help high-risk start-ups

Booker's is the only Warren business to take part in the loan program.
By AMANDA C. DAVIS
VINDICATOR TRUMBULL STAFF
WARREN -- Ron Book wasn't afraid to ask for a handout.
And what he got was a low-interest loan he says is readily available to other small businesses looking to start out.
Book owns Booker's cafe on Pine Street, which opened four weeks ago and had a ribbon-cutting ceremony Monday.
He received about $40,000 in federal loans administered through the Kent Regional Business Alliance, which works in conjunction with Kent State University.
The money is made available for start-ups of high-risk businesses.
Book said all restaurants are considered risky because of failure rates in the first year.
Analysis: Kristina Krebs, business analyst with KRBA's small business development center, said Book was a good candidate for the loan because of his good credit rating and the fact another business would boost Warren's economic development.
KRBA helps businesses secure loans and helps with other aspects, including marketing.
"What we try to do is level the playing field so small businesses can compete," Krebs said.
Booker's opened in a location just south of East Market Street, where a few restaurants failed in recent years.
On the menu: The restaurant, open weekdays, caters to the downtown lunch crowd, but plans to expand its delivery service elsewhere in the city and in the future will offer catering and take-home meals.
The menu consists of pizza, pasta, soup, salad, sandwiches, breakfast items and daily specials.
Book, 51, is a former fashion model who worked throughout the world and grew up in Warren. He moved back to the area in the 1990s from Los Angeles, where he managed a catering company and did some work for the film industry, including writing a screenplay.
Krebs said Booker's is the only Warren business to take advantage of the loan program.
"The money is out there," Book said. "The federal government supports it, especially entrepreneurial businesses."
Mike Keys, director of Warren Redevelopment and Planning, said he and Book are talking about the possibility that more federal money is available for the restaurant.
Because he hopes to expand and add employees in the future, Book may be eligible for additional loans, Keys said.
Mayor Hank Angelo said Booker's is another asset for the city and thanked Book for believing in Warren's greater downtown area.
Other businesses: He went on to say there is great cooperation among Pine Street business owners who want to improve their corridor in the city.
Another downtown business, Dollar Sense, was to have its grand opening today on Courthouse Square.
The retail store, at 161 W. Market St., is owned by sisters Lisa Franks and Jeanine Spangler. It will employ about 20, selling items mostly under $2.
The store also has locations in Cortland and Niles.
davis@vindy.com