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On the Spot Cuts and Styles

ID: ED 20160503
Inner City Economic Development Loan
County Comission District: 6 | City Council District: 1

Summary

Jamal Arnold, dba On The Spot Cuts & Styles, was awarded a $25,000 Inner City Economic Development (ICED) Loan to help fund façade improvements, interior renovations, and resurfacing of the parking lot at 3147 Frayser Boulevard. Total project costs are estimated to be $39,674.

Mr. Arnold is a Master Barber. He grew up in Frayser and graduated from Trezevant High School. He has owned three different businesses in the community and has been cutting hair for 14 years.

On The Spot Cuts & Styles is open from 8:30 am to 6:30 pm Tuesday through Thursday and from 6:00 am to 6:00 pm on Friday and Saturday. Mr. Arnold leases the neighboring space to a complimentary use, Magic Styles Beauty Salon.

The loan will help complete renovations to the 2,500 square foot building, as well as assist Mr. Arnold in retaining six jobs and hiring five new employees.

Loan Term:

3

Interest Rate:

Not applicable

Projected New Jobs:

5

Projected Retained Jobs:

6

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Building Improvements

Total Projected Capital Investment:

$39,674
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

5/4/2016

Closing

Not approved

On the Spot Cuts and Styles

3147 Frayser Boulevard, Mempis, TN 38128