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Stylist Salon

ID: 20170902
Inner City Economic Development Loan
County Comission District: 03 | City Council District: 07

Summary

Stylist Salon is owned and operated by Mr. Godfrey Otubu. Stylist Salon applied for assistance to help with façade repair, HVAC installation, roof repair, and interior improvements. The loan will help Mr. Otubu restore the 1,064-square foot building originally constructed as a home in 1940. Stylist Salon will offer both beauty and barber services, along with hair and cosmetic products for sale. The geographic target area is the surrounding Frayser community. The business will offer six booths operated by licensed cosmetologists and stylists-in-training who cater primarily to women seeking organic skin and hair treatments. Total qualified projects costs are estimated to be $22,635. Stylist Salon was approved for a $15,000 ICED Loan.

Mr. Otubu, Stylist Salon owner and Frayser property investor, added, “it was important to me that we engage the neighborhood in this project; and renovating the salon will help remove this eyesore from the community along with providing an additional opportunity for jobs.”

Loan Term:

3

Interest Rate:

0%

Projected New Jobs:

6

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$15,000

Loan Use:

Not applicable

Total Projected Capital Investment:

$22,635
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

9/6/2017

Closing

Not approved

Stylist Salon

3240 North Watkins, Memphis, TN 38127