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901 Strands Salon

Summary

901 Strands Salon is a hair stylist and beauty services retailer located at 6880 Hillshire in Memphis that has experienced at least a 25% drop in revenue as a result of COVID-19. The shop was forced to close in late March. Three employees are out of work as a result. Rent and other fixed costs remain due with no revenue coming in.
Stabilization and Recovery Plan:
• Keeping clients up to date through email and social media
• Communicating with creditors, paying some bills from savings and extending payments when possible to remain in good-standing
• Adhering to health and safety protocols for this industry
NEED Grant funds will be used supplement rent, utilities, supplies and other fixed costs totaling $2,305per month (excluding payroll).

Financing Amount:

$5,000

Projected Total Jobs:

Not applicable

Total Investment:

Not applicable

Approved

6/12/2020

901 Strands Salon

6880 Hillshire Drive Suite 10, Memphis, TN 38133