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Advance Memphis

ID: ED20151003
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

Steve Nash of Advance Memphis was awarded a $25,000 Inner City Economic Development (ICED) Loan to help with facade and interior improvements at 575 Suzette Street.

The ICED Loan would complete a $225,487 investment into the Suzette Street building.

The loan will enable the organization to retain 15 jobs while creating six new jobs and allow Advance Memphis to make facade and interior improvements to the 23,652 sq.-ft. building. It will also create at least 3 tenant spaces with potential major employers and serve as a small business incubator in the long abandoned building.

Advance Memphis is a non-profit founded in 1999 that offers employment education, employments opportunities, financial literacy courses, GED tutoring and other wrap around services such as counseling and addiction recovery for residents in the 3816 zip code. Advance recently purchased the Suzette Street building near their main campus on Vance Avenue to further its reach by offering rental space to local employers to employ additional residents in the neighborhood.

Loan Term:

3 years

Interest Rate:

0%

Projected New Jobs:

6

Projected Retained Jobs:

15

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Facade Improvements

Total Projected Capital Investment:

$225,487
Real Property:
$95,182

Acquisition:
Not applicable

Construction:
$46,000

Renovation:
$25,000

Machinery & Equipment:
Not applicable

Furniture, Fixtures, Office:
$12,400

Equipment:
Not applicable

Fees & Soft Costs:
Not applicable

Permanent Working Capital:
Not applicable

Miscellaneous:
$46,906

Approved

10/7/2015

Closing

11/24/2015

Advance Memphis

575 Suzette Street, Memphis, TN 38126