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Knowledge Quest

ID: ED 20161102
Inner City Economic Development Loan
County Comission District: 8 | City Council District: 6

Summary

Knowledge Quest, a non-profit corporation represented by Marlon Foster, was approved for a $20,000 Inner City Economic Development (ICED) Loan to help fund façade improvements, roof replacement, interior renovations and campus walkways at 590 Jennette Place. Total project costs are estimated to be $30,040.

Mr. Foster has been the Executive Director of Knowledge Quest for 19 years. He has a Bachelor of Business Administration from LeMoyne-Owen College and a Master of Divinity from Memphis Theological Seminary. Knowledge Quest is governed by an 8 member board of directors and has 40 employees with 12 at the Jennette Place campus.

Knowledge Quest offers assistance to families in crisis, provides counseling services at Universal Parenting Places, operates the Green Leaf Learning Farm and Jay Uiberall Culinary Academy. The organization is best known for its extended learning academies and after school programs such as Kids Zone. The population served comes primarily from 38126 and 38106 South Memphis neighborhoods.

The loan will help improve the appearance of the campus office buildings, complete deferred maintenance and improve accessibility throughout the main campus. Mr. Foster then plans to hire five new employees for the Green Leaf Learning Farm and three employees for Knowledge Quest’s administration upon completion of the project. Knowledge Quest is planning for expanded activities that will increase revenues by $50,000 to $110,000 annually and is currently working with more than ten corporate and philanthropic partners to build on its goal of serving 450 youth through hands-on learning experiences.

Loan Term:

3 years

Interest Rate:

0%

Projected New Jobs:

8

Projected Retained Jobs:

12

Average Payroll:

Not applicable

Loan Amount:

$20,000

Loan Use:

Building Improvements

Total Projected Capital Investment:

$30,040
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
Not applicable

Renovation:
$30,040

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

11/2/2016

Closing

Not approved

Knowledge Quest

590 Jennette Place, Memphis, TN 38126