ID: ED20190701
Inner City Economic Development Loan
County Comission District: 08 | City Council District: 07, 08

Summary

Carnell Vann, Jr. (dba, Vann Cut), was awrded a $20,000 Inner City Economic Development (ICED) Loan to help complete buildout of interior renovations and improve the visibility and appearance of the exterior at 2546 North Watkins. Total project costs are $52,737.

Mr. Vann has more than 20 years of experience as a professional barber. A Frayser native, Mr. Vann has spent his career working in barber shops and building a loyal clientele.

Mr. Vann has sought a highly visible location that is large enough for six stations and a reception area. The four-bay shopping center is located near residential neighborhoods and is the first destination north of the Interstate 40 exit. The closest barbershop to this location is more than two miles away.

The loan will help Mr. Vann renovate the 1,100 square foot space constructed in 1969 by completing electrical, lighting and plumbing upgrades, installing new cabinets and ceiling tiles, upgrading the HVAC, and painting the exterior. This project is supported by The Frayser Community Development Corporation.

Loan Term:

3

Interest Rate:

Not applicable

Projected New Jobs:

5

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$20,000

Loan Use:

facade improvements lighting and paint interior renovation electrical plumbing cabinetry structural roof HVAC repair

Total Projected Capital Investment:

$32,737
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

7/10/2019

Closing

Not approved

Vann Cut

2546 North Watkins , Memphis, TN 38127