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Major & Son Master Muffler

ID: 060092 00005
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

Mr. Shawn Coburn, dba Major & Son Master Muffler, is seeking an Inner City Economic Development (ICED) Loan to help fund replacement of overhead doors and roof, refurbishment of office and reception space, shop upgrade and building expansion. Total project costs are estimated to be $62,865.

Major & Son Master Muffler has been serving the community since 1987. The company has partnerships with five other repair shops to provide complimentary service on a referral basis. The company also has a contract to service City of Memphis vehicles. Primary competitors are national chains such as Midas and Discount Mufflers.
The loan will help maintain two jobs, complete renovations to a 1,305 square foot building and improve the experience for customers.

Staff recommends approval of an Inner City Economic Development Loan to Shawn Coburn, dba Major & Son Master Muffler, not to exceed $25,000 to be distributed as the owner completes significant portions of the project located at 2207 Airways.

Loan Term:

3 years

Interest Rate:

0%

Projected New Jobs:

Not applicable

Projected Retained Jobs:

2

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Building Improvements

Total Projected Capital Investment:

$37,865
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
$37,865

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

2/3/2016

Closing

Not approved

Major & Son Master Muffler

2207 Airways, Memphis, TN 38114