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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
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- Project Files
- Term Sheet
- Application
- Resolution
- Minutes
- Closing