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E.U. Enterprises LLC

ID: ED20220202
Inner City Economic Development Loan
County Comission District: 08 | City Council District: 07, 08

Summary

Ephraim Urevbu of E.U. Enterprises LLC has been awarded a $25,000 Inner City Economic Development (ICED) Loan to help restore 825 Jackson Avenue to make the space ready for an artistic business incubator. Total project costs are estimated to exceed $350,000, excluding the building purchase.

The loan will help Mr. Urevbu renovate the 7,550 square foot building, constructed in 1902, and prepare it for artist occupancy by restoring the historic storefronts, replacing the roof, installing new doors and windows, and repairing the exterior brick and masonry.


Mr. Urevbu came to the United States from Nigeria in 1979 to attend the Memphis College of Art. He was commissioned to create a 60 by 18-foot piece for Wolfchase Galleria in 1996 and as a pioneer of the South Main Arts district, established the 15,000 square foot Art Village Gallery more than twenty years ago. The Art Village Gallery was established in an abandoned building and is a popular fine art gallery and event space in downtown Memphis.

Mr. Urevbu is now a touring artist, visiting college campuses around the world. He is actively working to bring artists to Memphis who have a desire to create designs for fashion. He envisions 825 Jackson is a building with multiple bays and spaces for production-quality artists to establish Memphis as home for their art and manufacturing of related products.

The project is supported by the Tennessee Small Business Development Center.

Loan Term:

3 years

Interest Rate:

Not applicable

Projected New Jobs:

6

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Not applicable

Total Projected Capital Investment:

$350,000
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

2/16/2022

Closing

Not applicable

E.U. Enterprises LLC

825 Jackson Ave, Memphis, TN 38107