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Lula's Frozen Treats

ID: ED20171201
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