ID: ED 20140801
SBA 504 Loan
County Comission District: | City Council District:

Summary

NovaJAD, a NovaCopy affiliate, is seeking a $2.17 million Small Business Administration (SBA) 504 Loan for the build out of a new office building at the Appling
Farms Business Park.

The SBA Loan, in conjunction with Renasant Bank and business cash, will create a combined $5.43 million investment for the proposed 33,000-square-foot building.

In October of 2013, NovaCopy was awarded a 4-year PILOT for the construction of the new facility.

The combined project is expected to create 30 new jobs with an average annual salary of $44,133.

The new facility will allow NovaCopy to bring its 3D- printing services to the area and will serve as the Mid-South regional headquarters.

Loan Term:

20 years

Interest Rate:

Fixed rate based on sale of SBA guaranteed debentures

Projected New Jobs:

30

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$2,175,412

Loan Use:

Building Construction and Equipment

Total Projected Capital Investment:

$5,438,531
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
$4,894,677

Renovation:
Not applicable

Machinery & Equipment:
Not applicable

Furniture, Fixtures, Office:
Not applicable

Equipment:
$543,853

Fees & Soft Costs:
Not applicable

Permanent Working Capital:
Not applicable

Miscellaneous:
Not applicable

Approved

8/6/2014

Closing

Not approved

NovaCopy

6859 Appling Farms Pkwy, Memphis, TN 38133