‹ Back To Loans

MAAE'S MARKET

ID: ED20160203
Inner City Economic Development Loan
County Comission District: 9 | City Council District: 6

Summary

Mr. Ashley McCreight, dba MAAE’s Market, is seeking an Inner City Economic Development (ICED) Loan to help fund HVAC installation, building façade improvements, disabled access, interior flooring, kitchen and restroom renovations, fencing, signage and equipment. Total project costs are estimated to be $32,249.

MAAE’s Market will serve the community as a convenient produce and grocery store. This neighborhood is in a food desert, deprived of fruits and vegetables, fresh meats and dairy products. MAAE’s Market will operate from 7 a.m. to 7 p.m., seven days a week to offer easy access to healthy necessities close to home.

The loan will help create 4 jobs and complete renovations to a 1,200 square foot building. The business will be located three blocks from Riverview Elementary School, Riverview Park and Riverview Community Center.

Staff recommends approval of an Inner City Economic Development Loan to Ashley McCreight, dba MAAE’s Market, not to exceed $21,499 to be distributed as the owner completes significant portions of the project located at 2063 Castex.

Loan Term:

3 years

Interest Rate:

0%

Projected New Jobs:

4

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$21,499

Loan Use:

Building Improvements

Total Projected Capital Investment:

$32,249
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

2/3/2016

Closing

5/23/2016

MAAE'S MARKET

2063 CASTEX, MEMPHIS, TN 38109