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CityWood, LLC

ID: ED20160502
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