CONYERS — The Conyers Downtown Development Authority recently helped a local restaurant receive state money for acquisition and renovation, a move that officials said will ultimately help everyone in the community.

Thai Palace was approved for a $188,000 loan from the Georgia Department of Community Affairs Downtown Development Revolving Loan Fund earlier this month after Conyers DDA assisted in applying for the loan.

The low-interest loan will be used to help restaurant owners Chamnean and Siwarin Montha in the financing of the facility they purchased in April 2008. The state interest rate with this loan is “a substantial difference from other financing opportunities,” according to Main Street program manager Monica Coffin.

“So through this opportunity they were able to become actual owners of property in Olde Town,” Coffin said.

The DCA loan is an economic development tool Conyers DDA can offer to assist businesses with renovation projects and acquisition, according to Coffin.

“And through these purchases there is job creation. Through renovation, we have our historic buildings being brought up to code and renovated,” Coffin said.

The Pointe, Southern Komfort Boutique and the Olde Town Gallery are also recipients of the state loan, funds which were used to purchase property and complete interior and exterior work on the buildings to prepare for occupancy.

The community benefits in gaining another place to shop or dine or go with family and friends through the loan funds DCA awards to downtown businesses.

“So there’s a great deal of benefit that each of these projects brings to the community,” Coffin said. “We’re just really appreciative of the Department of Community Affairs and Georgia Cities Foundation for offering these programs and also to the merchants for going after these funds.”

“The Monthas invested $89,000 in renovations to the Main Street restaurant, and this low interest loan will certainly help them in their continuing financing of the building,” said Dr. John Fountain, Conyers Downtown Development Authority chairman, in a recent press release. “We are very appreciative of the great working relationship we experience with DCA to stimulate economic growth and development in Olde Town Conyers.”

Businesses in Conyers’ historic overlay district are eligible for the low-interest loans. Coffin said DDA will assist anyone who may have an eligible project, but DDA is required to be involved in the process in order for businesses to receive the loan. For more information, call 770-929-4239.