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HopeWorks
ID: ED20170601
Inner City Economic Development Loan
County Comission District: 05 | City Council District: 05
Inner City Economic Development Loan
County Comission District: 05 | City Council District: 05
Summary
The EDGE Finance Committee approved a $20,000 Inner City Economic Development (ICED) Loan that will assist HopeWorks with a complete restoration their main offices. Situated along on Summer Avenue in a 13,000 SF former bank building, HopeWorks is a not-for-profit organization that seeks to serve the under-resourced through outreach programs that help develop individual worth, encourage personal responsibility, and promote the honor and value of work.By implementing a holistic approach through daily classes and meals, educational training, and spiritual counseling, HopeWorks strives to break the cycle of crime, addiction, and generational poverty in Memphis. The Summer Avenue location will provide services to the Highland Heights and Binghampton neighborhoods.
The location is undergoing a full asbestos remediation and interior remodel in order to become a workforce training center. The project is supported by the Binghampton Development Corporation. The facility will employ 15 people and serve more than 60 people per week.
Loan Term:
3
Interest Rate:
0%
Projected New Jobs:
15
Projected Retained Jobs:
Not applicable
Average Payroll:
Not applicable
Loan Amount:
$20,000
Loan Use:
Not applicable
Total Projected Capital Investment:
$43,677
Real Property:
Not applicable
Acquisition:
Not applicable
Construction:
$20,000
Renovation:
$23,678
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
6/7/2017
Closing
2/20/2018
HopeWorks
3337 Summer Avenue, Memphis, TN 38122- Term Sheet
- Application
- Resolution