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The Memphis Guitar Spa

Summary

The Memphis Guitar Spa is a guitar retail and manufacturing shop located at 2561 Broad Avanue in Memphis that has experienced at least a 25% drop in revenue as a result of COVID-19. The business is solely relying on work from repairs and custom orders. Storefront traffic has dropped 100%. The applicant laid off both part time employees and has not taken a salary and is using cash reserves to pay bills.
Stabilization and Recovery Plan:
• Reconnect with customers to let them know the business is still open
• Continue building relationships with wholesale vendors
• Able to negotiate payment arrangements with select vendors
NEED Grant funds will be used to pay salaries, utilities, and to purchase supplies.

Financing Amount:

$6,000

Projected Total Jobs:

Not applicable

Total Investment:

Not applicable

Approved

6/12/2020

The Memphis Guitar Spa

2561 Broad Avenue, Memphis, TN 38112