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Phillip Ashley Chocolates

Summary

Phillip Ashley Chocolates is a food manufacturer and retailer located at 1200 Madison in Memphis that has experienced at least a 25% drop in revenue as a result of COVID-19. The applicant laid off 4 PT employees, reduced hours of remaining staff. The company lost $158,000 in contracted and anticipated revenue due to cancellations. The company reduced production capacity by 50%-B2B sales decrease to 10% total sales from 60%.
Stabilization and Recovery Plan:
• Applicant applied for and received $22,000 forgivable loans from DMC, Epicenter, MMDC
• Launched virtual tasting series
• Offering free shipping and delivery to boost on-line sales
• Purchased additional chocolate molds, equipment, and supplies
Need Grant proceeds will be used hire additional staff, purchase raw materials, and pay rent.

Financing Amount:

$7,500

Projected Total Jobs:

Not applicable

Total Investment:

Not applicable

Approved

6/12/2020

Phillip Ashley Chocolates

1200 Madison Avenue, Memphis, TN 38104