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The Bikesmith

ID: ED 20150801
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

Jim Steffen, dba The Bikesmith, is seeking a $25,000 Inner City Economic Development (ICED) Loan to help with façade and interior improvements at 509 North Hollywood.

The ICED loan would complete a combined $37,500 investment into the North Hollywood building.

The loan is projected to create 1 full-time job 2 part-time jobs and allow Mr. Steffen to make façade and interior improvements to the 2100-square-foot building.

The Bikesmith is making a transition into a brick and mortar facility in addition to the ownership of a mobile retail truck. The loan would increase The Bikesmith’s ability to service more customers by providing a permanent docking station for the mobile truck and bike riders who utilize the Hampline and other trails. The facility will accommodate the growing bicycle infrastructure in the Memphis/Shelby County area.

Loan Term:

3 years

Projected New Jobs:

1

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Facade and Interior Improvements

Total Projected Capital Investment:

$37,500
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
Not applicable

Renovation:
$29,000

Machinery & Equipment:
Not applicable

Furniture, Fixtures, Office:
$7,000

Equipment:
Not applicable

Fees & Soft Costs:
Not applicable

Permanent Working Capital:
Not applicable

Miscellaneous:
$1,500

Approved

8/10/2015

Closing

Not approved

The Bikesmith

509 North Hollywood, Memphis, TN 38112
  • Project Files
  • Term Sheet
  • Application
  • Resolution
  • Minutes
  • Closing