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Kemet Nu Enterprises

ID: 20180301
Inner City Economic Development Loan
County Comission District: 8 | City Council District: 6

Summary

Ayele Akibulan, dba Kemet Nu Enterprises, was awarded a $15,000 Inner City Economic Development (ICED) Loan to help improve the exterior appearance, replace the roof, and install an HVAC system at 988/990 Mississippi Boulevard. Total project costs exceed $90,000, and project costs qualified for forgivable Inner City Economic Development Loan funds are estimated to be $59,700.

Mr. Akibulan has a Bachelors in Business Administration from LeMoyne-Owen College and a Masters in Human Resource Management from Webster University. He has 20 years of experience in restaurant and entertainment ventures. He has also spent 17 years as a staffing manager and is currently employed with Shelby County Schools.

Kemet Nu will derive most of its revenue from food sales. Its business model is to provide internet access to the community in general; but also, target job seekers and small business owners who need an alternative workspace during the day. Printers, faxing, and a conference room will be available in a café setting. At night the space will be used as a cultural resource center with live entertainment, poetry readings, music and documentary screenings.

The loan will help Mr. Akibulan restore the 1,520 square foot building constructed in 1964. In addition to an extensive interior remodel, the exterior façade will be restored, the roof replaced, electrical upgraded and new HVAC installed. This project is supported by Community LIFT and Delectable D&W Foodservice and Catering.

Loan Term:

3

Interest Rate:

Not applicable

Projected New Jobs:

4

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$15,000

Loan Use:

Not applicable

Total Projected Capital Investment:

$90,000
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

3/7/2018

Closing

Not approved

Kemet Nu Enterprises

988/990 Mississippi Boulevard, Memphis, TN 38126