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Handcrafted Furniture by Elmore Holmes
ID: ED20140702
Inner City Economic Development Loan
County Comission District: | City Council District:
Inner City Economic Development Loan
County Comission District: | City Council District:
Summary
Handcrafted Furniture by Elmore Holmes is seeking a $25,000 Inner City Economic Development (ICED) Loan to help the furniture maker with facade improvements.The ICED loan would complete a combined $250,000 investment into the Broad Avenue Building.
Last year, Elmore Holmes purchased a 4,000 square-foot building at 2542 Broad Avenue despite the fact that a fire had previously damaged the property.
Holmes has invested more than $225,000 renovating the building to include a workshop, retail area and upstairs apartment.
The ICED Loan would allow Holmes to completely renovate the outside facade of the building including adding new windows, awning and wood structure.
Handcrafted Furniture by Elmore Holmes was founded in 2000 by life-long Memphian Elmore Holmes. Holmes’ woodworking education includes courses at the Country Workshops crafts school in North Carolina, the Anderson Ranch Arts Center in Colorado and a great deal of independent study.
Loan Term:
3 year
Interest Rate:
0%
Projected New Jobs:
Not applicable
Projected Retained Jobs:
1
Average Payroll:
Not applicable
Loan Amount:
$25,000
Loan Use:
Facade Improvement
Total Projected Capital Investment:
$250,000
Real Property:
Not applicable
Acquisition:
Not applicable
Construction:
$25,000
Renovation:
$197,500
Machinery & Equipment:
$25,000
Furniture, Fixtures, Office:
Not applicable
Equipment:
Not applicable
Fees & Soft Costs:
Not applicable
Permanent Working Capital:
Not applicable
Miscellaneous:
$2,500
Approved
7/10/2014
Closing
2/27/2015