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Mystic Styles Glam Studio

ID: ED20190501
Inner City Economic Development Loan
County Comission District: 09 | City Council District: 03 08

Summary

Ms. Takila Hampton, dba Mystic Styles Glam Studio, was awarded a $12,000 Inner City Economic Development (ICED) Loan to help complete interior renovations and improve the visibility and appearance of the exterior at 4466 Elvis Presley. Total project costs are $44,862.

Ms. Hampton has more than 25 years of experience as a stylist.She owns Mystic Styles Glam Studio and is a distributor of natural, organic beauty products. Mystic Styles Glam Studio has operated in Whitehaven for more than 22 years and has been in the same location for 17 years. The business employs 10 stylists providing haircare for women, men and children in the neighborhood.

The existing location is being demolished to create a site for a new development. The restaurant next door owns the property, is going to expand, and needs the entire site for their operation. Ms. Hampton and her business were given three months notice to vacate.

The loan will help Ms. Hampton renovate the 1,600 square foot space constructed in 1973 by completing electrical and plumbing upgrades, installing new flooring, and installing exterior signage. This project is supported by The Greater Whitehaven Economic Redevelopment Corporation.








Loan Term:

3

Interest Rate:

Not applicable

Projected New Jobs:

Not applicable

Projected Retained Jobs:

10

Average Payroll:

Not applicable

Loan Amount:

$12,000

Loan Use:

completing electrical and plumbing upgrades new flooring exterior signage

Total Projected Capital Investment:

$44,862
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

5/1/2019

Closing

Not approved

Mystic Styles Glam Studio

4466 Elvis Presley Boulevard, Suite 216 Memphis, TN 38116