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Memphis Guitar Spa

ID: ED 20140701
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

The Memphis Guitar Spa is seeking a $25,000 Inner City Economic Development (ICED) Loan to help the musical instrument restoration and retail shop make facade and interior improvements to its 2561 Broad Avenue location.

The ICED loan would complete a combined $50,000 investment into the Broad Avenue Building.

The loan is projected to create 5 jobs with an average annual salary of $25,000 over the next 5 years.

The ICED Loan would allow Guitar Spa to renovate its 2,100-square-foot retail space and make improvements to the outside facade that include hanging a 14-foot guitar sign.

Guitar Spa opened its Broad Avenue location last year and has experienced rapid growth, providing full-service guitar repair and finishing services to guitar builders across the United States.

Loan Term:

3 years

Projected New Jobs:

5

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Facade Improvement

Total Projected Capital Investment:

$50,000
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
$8,269

Renovation:
$37,500

Machinery & Equipment:
$4,231

Furniture, Fixtures, Office:
Not applicable

Equipment:
Not applicable

Fees & Soft Costs:
Not applicable

Permanent Working Capital:
Not applicable

Miscellaneous:
Not applicable

Approved

7/10/2014

Closing

9/17/2014

Memphis Guitar Spa

2561 Broad Avenue, Memphis, TN 38112