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Falling into Place

ID: ED 20151203
Inner City Economic Development Loan
County Comission District: 7 | City Council District: 5

Summary

Mary Claire White, dba Falling Into Place, is seeking a $25,000 Inner City Economic Development (ICED) Loan to help fund construction of outdoor improvements related to workspace expansion, entertainment space and drainage issues. Costs for this phase of the project are estimated to be $25,842. Total Project costs are $58,630.

Falling Into Place ismore than a destination retail location. It is a unique shopping experience combining in-house creations, independently designed products, community workshops and special events. Since opening in April, Ms. White has seen demand grow for event driven sales and the importance of completing her vision for the space.

The loan will help retain twojobs and hire an additional person. Falling into place will be able to expand beyond the 1,050 square-foot building into 3,000square-foot exterior space.

Loan Term:

3 years

Interest Rate:

0%

Projected New Jobs:

1

Projected Retained Jobs:

2

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Building Improvements

Total Projected Capital Investment:

$58,530
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

12/8/2015

Closing

Not approved

Falling into Place

2613 Broad Avenue, Memphis, TN 38112