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I Am Fitness

Summary

I Am Fitness is a fitness center located at 2598 Corporate Ave. E. in Memphis that has sustained at least a 25% drop in revenue as a result of COVID-19. The company has seen a 24% reduction in memberships since closing March 21st. It has been unable to meet monthly financial obligations of $8,250. They have experienced more than $12,000 in net operating losses.
Stabilization and Recovery Plan:
• Applied for PPP & EIDL ($6,257 PPP)
• Negotiated payment arrangements with lenders and landlord
• Daily/Weekly promotions offered
• Implemented new fitness center etiquette to promote a safer training environment
NEED Grant funds will be used to bring rent and utilities current and to purchase supplies for sanitation stations.

Financing Amount:

$5,000

Projected Total Jobs:

Not applicable

Total Investment:

Not applicable

Approved

6/5/2020

I Am Fitness

2598 Corporate Ave. E, Memphis, TN 38132