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Handcrafted Furniture by Elmore Holmes

ID: ED 20140702
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

Handcrafted Furniture by Elmore Holmes is seeking a $25,000 Inner City Economic Development (ICED) Loan to help the furniture maker with facade improvements.

The ICED loan would complete a combined $250,000 investment into the Broad Avenue Building.

Last year, Elmore Holmes purchased a 4,000 square-foot building at 2542 Broad Avenue despite the fact that a fire had previously damaged the property.

Holmes has invested more than $225,000 renovating the building to include a workshop, retail area and upstairs apartment.

The ICED Loan would allow Holmes to completely renovate the outside facade of the building including adding new windows, awning and wood structure.

Handcrafted Furniture by Elmore Holmes was founded in 2000 by life-long Memphian Elmore Holmes. Holmes’ woodworking education includes courses at the Country Workshops crafts school in North Carolina, the Anderson Ranch Arts Center in Colorado and a great deal of independent study.

Loan Term:

3 year

Projected New Jobs:

Not applicable

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Facade Improvement

Total Projected Capital Investment:

$250,000
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
$25,000

Renovation:
$197,500

Machinery & Equipment:
$25,000

Furniture, Fixtures, Office:
Not applicable

Equipment:
Not applicable

Fees & Soft Costs:
Not applicable

Permanent Working Capital:
Not applicable

Miscellaneous:
$2,500

Approved

7/10/2014

Closing

2/27/2015

Handcrafted Furniture by Elmore Holmes

2542 Broad Avenue, Memphis, TN 38112