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Muggin Coffehouse

ID: ED20190901
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

Mary Olds doing business as Muggin’ Coffeehouse, was approved for a $15,000 Inner City Economic Development (ICED) Loan to help complete interior buildout and restroom upgrades at 1139 Brownlee. Total project costs qualified for the ICED program are $26,000 excluding landlord investments in HVAC installation and exterior remodeling.

Mrs. Olds graduated from Whitehaven High School before receiving her BA from UT Chattanooga and an MBA from Marylhurst University. She spent seven years working in retail with Target and two years with Starbucks. Mrs. Olds returned home and is now the Operations Director for the Davis YMCA. Her husband and business partner, Ken Olds, has had a career as a financial advisor, in personal banking and is now a loan officer at Farm Credit.

Muggin’ Coffeehouse was being born out of Mary and Ken’s personal love for coffee, their desire to be more involved with community development in Whitehaven and most importantly, a drive to fill a business niche missing from the neighborhood. Muggin’ Coffeehouse serves coffee, tea and pastries from 6:30 am to 6:00 pm, six days a week. It will offer a unique gathering place with curated gourmet selections not offered by regional competitors. Mrs. Olds is committed to cultivating an expert staff of baristas that are also skilled at cross-selling higher margin products while fulfilling customer expectations for a unique experience.

The loan will help Mrs. Olds renovate the 1,665 square foot space constructed in 1964 by upgrading the electrical and lighting, installing new floor and ceiling tiles, building an ADA compatible restroom and completing interior buildout. The project was supported by The Greater Whitehaven Economic Redevelopment Corporation.

Loan Term:

3

Interest Rate:

Not applicable

Projected New Jobs:

5

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$15,000

Loan Use:

Not applicable

Total Projected Capital Investment:

$26,000
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

9/4/2019

Closing

Not approved

Muggin Coffehouse

1139 Brownlee Road, Memphis, TN 38116