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Quality Quick Cleaners

ID: ED 20140802
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

Quality Quick Cleaners is seeking a $25,000 Inner City Economic Development (ICED) Loan to help make interior and facade improvements to its location at 284 East
McLemore Street.

The ICED Loan would complete a combined $37,500 investment.

The loan would allow the dry cleaning company to renovate its exterior lighting and make improvements to the outside facade that include a new sign and awning.

The loan is projected to create 2 new jobs over three years.

Quality Quick Cleaners has been in business for more than 20 years in South Memphis.

Loan Term:

3 years

Interest Rate:

0%

Projected New Jobs:

2

Projected Retained Jobs:

Not applicable

Average Payroll:

$15,000

Loan Amount:

$25,000

Loan Use:

Facade Improvement

Total Projected Capital Investment:

$37,500
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
$30,000

Renovation:
$5,000

Machinery & Equipment:
Not applicable

Furniture, Fixtures, Office:
Not applicable

Equipment:
Not applicable

Fees & Soft Costs:
Not applicable

Permanent Working Capital:
Not applicable

Miscellaneous:
$2,500