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E.U. Enterprises LLC
ID: ED20220202
Inner City Economic Development Loan
County Comission District: 08 | City Council District: 07, 08
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- Term Sheet
- Application
- Resolution