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Health Tech Institute of Memphis

ID: ED 20151004
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

Melanie Washington of Employment Solutions, dab Health Tech Institute of Memphis, was awarded a $25,000 Inner City Economic Development Loan to help with facade and interior improvements at 571 Vance Avenue.

The ICED Loan will complete a combined $37,500 investment into the Vance Avenue facility.

The loan will help retain 3 jobs while creating four new jobs and allow the Health Tech Institute to make facade and interior improvements to the 3800 sq.-ft. building.

Health Tech Institute of Memphis was formed in 2000 buy husband and wife team, Melanie and Ronald Washington as an authorized post-secondary institution with the Tennessee Higher Education Commission and an eligible training provider for the Workforce Investment Network. The four approved training programs are: Health Information Management, Pharmacy Technician, Medical Assistance, and Office Administration. The ICED Loan will enhance Health Tech's presence in the community and update interior facilities for a site visit from the United States Department of Education to obtain accreditation that will expand their business model and ability to enroll more students into various programs.

Loan Term:

3 years

Interest Rate:

0%

Projected New Jobs:

4

Projected Retained Jobs:

3

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Facade Improvements

Total Projected Capital Investment:

$37,500
Real Property:
$12,500

Acquisition:
Not applicable

Construction:
Not applicable

Renovation:
$25,000

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

10/7/2015

Closing

Not approved

Health Tech Institute of Memphis

571 Vance Avenue, Memphis, TN 38126
  • Project Files
  • Term Sheet
  • Application
  • Resolution
  • Minutes
  • Closing