Koreana Plaza Market plans expansion with SBA loan
As Published in: Sacramento Business Journal
The owner of Koreana Plaza Market in Rancho Cordova is embarking on a $21 million improvement for the multi-cultural market after securing a loan to renovate and significantly expand, the lender announced Thursday.
According to lender TMC, a certified development company that provides Small Business Administration loans, the expansion will include a Korean sauna, gift shops, restaurants and other improvements.
The market, located on Olson Drive, opened in 2003 and includes Eastern European, Hispanic and Korean foods as well as a meat market, produce and other imported and domestic goods. The $21.3 million loan will be used to acquire real estate, such as abandoned or blighted shopping areas, and new equipment.
Byong Yu, owner and president of Korean Plaza Market Sacramento, Inc., opened his first grocery store business in 1973 in Oakland.
“This acquisition, renovation and expansion is the next natural step for our business,” Yu said in a statement. “We are proud to expand and upgrade our existing location.” TMC has provided $6 billion in SBA financing for more than 3,700 businesses throughout California and Nevada over the past 29 years.
Michael Shaw covers real estate, construction and state government for the Sacramento Business Journal.