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Creative Home Academy & Preschool

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

Summary

Constance Cherry doing business as Creative Home Academy & Preschool, was approved for a $20,000 Inner City Economic Development (ICED) Loan to help complete exterior upgrades and HVAC installation at 1149 Semmes. Total project costs qualified for the ICED program are $41,818.

Ms. Cherry has a degree in Social Work and Nonprofit Management from the University of Memphis. She has worked in early childhood education since 1997. Ms. Cherry has her Child Development Certificate (CDA) and is a T.O.P.S.T.A.R. mentor with the Tennessee Department of Human Services.

Ms. Cherry owns and operates another Creative Home Academy location at 1236 Elkwood (which is a Three Star rated facility with DHS) and is now in need of an additional location to accommodate growth. The new facility will care for children from 6-weeks-old to 12-years-old. In addition to quality childcare, the environment will be targeted toward families who want healthy organic meals and on-site extracurricular activities including gymnastics, music and Spanish.

The loan will help Ms. Cherry renovate the 1,973 square foot space constructed in 1950 by painting the exterior and installing new porch columns, fencing the lot behind the building, upgrading the heating and air conditioning system, installing signage and a circular drop-off driveway, and improving accessibility.

The project is supported by The Orange Mound Development Corporation.

Loan Term:

3

Interest Rate:

Not applicable

Projected New Jobs:

5

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$20,000

Loan Use:

Not applicable

Total Projected Capital Investment:

$41,818
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

11/6/2019

Closing

Not approved

Creative Home Academy & Preschool

1149 Semmes, Memphis, TN 38111