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Champion's Pharmacy and Herb Store

ID: ED20170201
Inner City Economic Development Loan
County Comission District: 10 | City Council District: 6

Summary

Carol Champion, dba Champion’s Pharmacy and Herb Store, was approved for a $20,000 Inner City Economic Development (ICED) Loan to help fund façade improvements, roof replacement, sign repair and parking improvements at 2369 Elvis Presley. Total project costs are estimated to be $33,600 excluding interior improvements already underway.

This family owned business is transitioning from Dr. Charles Champion and his wife Carolyn to their daughters. Dr. Carol Champion, the applicant, is a graduate of the University of Tennessee College of Pharmacy and has been a pharmacist with Walgreens for fifteen years. Her sister, Dr. Brookins, is a graduate of Xavier University in New Orleans, has also had a career with other pharmacies before joining the family at Champion’s.

Champion’s Pharmacy and Herb Store opened in 1981 and has been in its current location for more than 25 years. The pharmacy ships herbal treatments to customers worldwide through online sales. However, the pharmacy operation provides a distinct service to the neighborhood by working largely with uninsured area patients.

The loan will help Dr. Champion complete a full restoration of the 2,635 square foot building, update the appearance and improve accessibility. Dr. Champion and the three other family members will operate the business themselves. This project is supported by the Black Business Association, Mt. Olive Cathedral CME Church and the neighboring Coney Island restaurant.

Loan Term:

3 years

Interest Rate:

0%

Projected New Jobs:

Not applicable

Projected Retained Jobs:

4

Average Payroll:

Not applicable

Loan Amount:

$20,000

Loan Use:

Not applicable

Total Projected Capital Investment:

$33,600
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
Not applicable

Renovation:
$33,600

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

2/1/2017

Closing

Not approved

Champion's Pharmacy and Herb Store

2369 Elvis Presley Boulevard, Memphis, TN 38106