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Lula's Frozen Treats
ID: ED20171201
Inner City Economic Development Loan
County Comission District: 03 | City Council District: 07
Inner City Economic Development Loan
County Comission District: 03 | City Council District: 07
Summary
Gwendolyn Louise Smith, dba Lula’s Frozen Treats, was awarded an $18,000 Inner City Economic Development (ICED) Loan to help remodel the interior, add a patio and install ADA compatible restrooms at 1750 Frayser Boulevard. Total project costs are estimated to be $37,211.Lula’s Frozen Treats, named for Ms. Smith’s mother, will be an ice cream shop designed to appeal to children. It will have a bright, colorful interior, and an outdoor seating area. The shop is intended to be a neighborhood destination year-round, offering a fun, safe and family friendly atmosphere.
The loan will help Ms. Smith renovate a 1,200 square foot space in the 1963 building and hire two employees. The location requires conversion from an office space to a restaurant space. This includes a plumbing upgrade and wall reconfiguration in addition to exterior improvements. Once the project is complete, this long vacant property will be 100% occupied with a barber school, dentist office and law office as neighbors. The project is supported by the Frayser Exchange Club.
Loan Term:
3
Interest Rate:
Not applicable
Projected New Jobs:
2
Projected Retained Jobs:
Not applicable
Average Payroll:
Not applicable
Loan Amount:
$18,000
Loan Use:
Not applicable
Total Projected Capital Investment:
$37,211
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
12/6/2017
Closing
5/30/2018
Lula's Frozen Treats
1750 Frayser Boulevard, Memphis, TN 38127- Term Sheet
- Application
- Resolution