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Aradia USA, LLC dba The Sol Studio & Bikram Y
Summary
The Sol Studio and Bikram Yoga Memphis is a yoga and fitness studio located at 2015 Madison Avenue in Memphis that has experienced at least a 25% drop in revenue as a result of COVID-19. The business closed due to being a non-essential business. Customers lost their jobs and could no longer afford to pay membership prices. The owner continued to pay business overhead and teacher salaries from savings.Stabilization and Recovery Plan:
• Established an online platform April15th
• Practicing all social distancing and PPE requirements
• Minimizing the number of classes and students on site
• Adopted a more aggressive pricing structure to drive traffic to the studio
• Received a $26,000 infusion from PPP and $10,000 infusion from EIDL
NEED Grant funds will be used for rent expenses.
Financing Amount:
$5,000
Projected Total Jobs:
Not applicable
Total Investment:
Not applicable
Approved
8/28/2020