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Neighborhood Grocery

ID: ED 20160901
Inner City Economic Development Loan
County Comission District: 8 | City Council District: 6

Summary

Kalid J. Ibrahim, dba Neighborhood Grocery, is seeking an $18,278 Inner City Economic Development (ICED) Loan to help fund façade improvements, roof repairs, interior restoration and HVAC upgrades at 1362 South Main. Total project costs are estimated to be $30,500.

Mr. Ibrahim, from Anaheim, California, has a degree in Advertising and Marketing. He taught school and coached basketball before relocating to Memphis to be closer to family. He has owned and operated Neighborhood Grocery for ten years.

Neighborhood Grocery has served this historic South Memphis Neighborhood for more than 50 years. It provides customers with packaged and fresh food along with personal items at reasonable prices. The majority of customers walk to the store out of both convenience and necessity.

Mr. Ibrahim plans to improve the appearance of the building and add services to attract new customers. The loan will help complete renovations to the 1,900 square foot building, enable him to apply stucco and paint the exterior, correct damage to the interior ceiling and install a kitchen. Mr. Ibrahim then plans to hire two new employees.

Staff recommends approval of an Inner City Economic Development Loan to Kalid J. Ibrahim, dba Neighborhood Grocery, not to exceed $18,278, to be distributed as the owner completes significant portions of the project located at 1362 South Main Street.

Loan Term:

3 year

Projected New Jobs:

2

Projected Retained Jobs:

2

Average Payroll:

Not applicable

Loan Amount:

$18,278

Loan Use:

Facade Improvements

Total Projected Capital Investment:

$30,500
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
$30,500

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

9/7/2016

Closing

Not approved

Neighborhood Grocery

1362 South Main Street, Memphis, TN 38106