‹ Back To Loans
CityWood, LLC
ID: ED20160502
Inner City Economic Development Loan
County Comission District: 7 | City Council District: 5
Inner City Economic Development Loan
County Comission District: 7 | City Council District: 5
Summary
Matthew Wrage, dba CityWood LLC, is seeking a $25,000 Inner City Economic Development (ICED) Loan to help fund electrical upgrades, façade redesign, roof repairs and showroom construction at 583 Scott Street.Total project costs are estimated to be $66,000.Mr. Wrage was raised on a farm in Iowa. He graduated from Wartburg College with a degree in EngineeringScience and Chemistry. Mr.Wrage moved to Memphis to work inproduct development for Bryce Packaging Corporation. At 28 years old, he decided to launch his own business, CityWood.
CityWood makes custom furniture from reclaimed wood previously destined for landfills.CityWood began by making custom, one-of-a-kind pieces.They grew by securing sizable local contracts for multiple pieces.Growth today is being driven by contracts with national companies placing large orders.
The loan will help Mr. Wrage renovate a 15,000 square foot building, retaintwojobsand hire four new people.
Loan Term:
3
Interest Rate:
Not applicable
Projected New Jobs:
4
Projected Retained Jobs:
2
Average Payroll:
Not applicable
Loan Amount:
$25,000
Loan Use:
Building Improvements
Total Projected Capital Investment:
$66,000
Real Property:
Not applicable
Acquisition:
Not applicable
Construction:
Not applicable
Renovation:
Not applicable
Machinery & Equipment:
Not applicable
Furniture, Fixtures, Office:
Not applicable
Equipment:
Not applicable
Fees & Soft Costs:
Not applicable
Permanent Working Capital:
Not applicable
Miscellaneous:
Not applicable

Approved
5/4/2016
Closing
6/26/2016
CityWood, LLC
583 Scott Street, Memphis, TN 38112- Term Sheet
- Application
- Resolution