‹ Back To Loans

Al's Tasty Burger

ID: ED20190502
Inner City Economic Development Loan
County Comission District: 08 | City Council District: 04 08

Summary

Terry Peete, dba Al's Tasty Burger. was awarded a $20,000 Inner City Economic Development (ICED) Loan to help complete buildout of exterior renovations and improve visibility at 965 East McLemore. Total project costs qualified for the ICED program are $38,510 excluding completed interior costs and building purchase.

Mr. Peete was raised between Orange Mound and South Memphis. His grandmother taught him to bake and set an example that would lead to his professional life in the kitchen. He was employed at the original Al’s Tasty Burger in 2011, opened the Brooks Road location in 2015 and bought out the previous owner entirely in 2017.

Al’s Tasty Burger was launched in 1971 in South Memphis. The restaurant serves chilidogs, sandwiches and a one-half pound angus burger. Mr. Peete has also added Chicken and full meals to the menu. The business now wants to return to its roots with a second location in the building where it all started.

The loan will help Mr. Pete renovate the 1,254 square foot space constructed in 1968 by completing exterior renovations, parking upgrades, dumpster screening and installing signage. This project is supported by Community LIFT and River City Capital.

Loan Term:

3

Interest Rate:

Not applicable

Projected New Jobs:

10

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$20,000

Loan Use:

buildout of exterior renovations improve visibility

Total Projected Capital Investment:

$38,510
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
Not applicable

Renovation:
Not applicable

Machinery & Equipment:
Not applicable

Furniture, Fixtures, Office:
Not applicable

Equipment:
Not applicable

Fees & Soft Costs:
Not applicable

Permanent Working Capital:
Not applicable

Miscellaneous:
Not applicable

Approved

5/1/2019

Closing

Not approved

Al's Tasty Burger

965 East McLemore, Memphis, TN 38106