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South Memphis Alliance, Inc.

ID: ED 20161103
Inner City Economic Development Loan
County Comission District: 8 | City Council District: 4

Summary

The South Memphis Alliance, Inc. (SMA), a non-profit corporation represented by Reginald Milton, was approved for a $20,000 Inner City Economic Development (ICED) Loan to help fund parking lot construction, fencing and landscaping for the laundry facility located at 1044 South Bellevue, 1048 South Bellevue and 1231 Walker. Total project costs are estimated to be $38,200.

Mr. Milton has been the Executive Director of SMA for 15 years. He has a Bachelor Science from LeMoyne-Owen College and a Master of Public Administration from The University of Memphis. SMA is governed by a nine-member Board of Directors and has a Community Advisory Board with representatives from 10 area neighborhoods.

SMA opened its doors in 2000 to help organize neighborhood associations and other South Memphis communities. Over time, programs have expanded to serve youth in foster care and families in need. The unique program supported by this loan request is the Social Suds Resource Center. This is a laundromat that makes space available for community serving activities such as literacy and tutoring programs, eye screenings and car-seat distribution.

The loan will help improve the appearance of the campus and, most importantly, provide much needed on-site parking for the growing laundry business. The operations currently employ five people. This could increase as the operation expands.

Loan Term:

3 years

Projected New Jobs:

Not applicable

Projected Retained Jobs:

5

Average Payroll:

Not applicable

Loan Amount:

$20,000

Loan Use:

Property improvements

Total Projected Capital Investment:

$38,200
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