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Success Barber College

ID: ED 20160701
Inner City Economic Development Loan
County Comission District: 9 | City Council District: 3

Summary

Morris Wilder, dba The Barber Institute, is seeking a $25,000 Inner City Economic Development (ICED) Loan to help fund roof and façade repairs, electrical system and plumbing upgrades, and HVAC installation at 1642 Shelby Drive. Total project costs are estimated to be $41,632 excluding building purchase price and $57,378 of interior build out.

Mr. Wilder has been a barber for 23 years. He opened his first shop in Atlanta in 1995. He returned to Memphis in 1998 and opened his existing business, Trimmers Barber Shop & Style.

The Barber Institute is designed to expand Mr. Wilder’s business and train future stylists while offering a General Education Development program. This will be the only hair service school in the area. Mr. Wilder’s goal is to offer economical hair services to the community and train students for a lucrative career.

To accomplish this goal, Mr. Wilder has purchased a long vacant CK’s Coffee Shop near the intersection of Shelby Drive and Millbranch. He plans a full renovation that includes a 30-seat classroom. The loan will help complete renovations to the 3,400 square foot building and allow Mr. Wilder to hire two instructors to assist with the operation.

Loan Term:

3

Projected New Jobs:

2

Projected Retained Jobs:

1

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Building improvements

Total Projected Capital Investment:

$99,010
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

7/6/2016

Closing

Not approved

Success Barber College

1642 Shelby Drive, Memphis, TN 38116