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Muggin Coffehouse
ID: ED20190901
Inner City Economic Development Loan
County Comission District: | City Council District:
Inner City Economic Development Loan
County Comission District: | City Council District:
Summary
Mary Olds doing business as Muggin’ Coffeehouse, was approved for a $15,000 Inner City Economic Development (ICED) Loan to help complete interior buildout and restroom upgrades at 1139 Brownlee. Total project costs qualified for the ICED program are $26,000 excluding landlord investments in HVAC installation and exterior remodeling.Mrs. Olds graduated from Whitehaven High School before receiving her BA from UT Chattanooga and an MBA from Marylhurst University. She spent seven years working in retail with Target and two years with Starbucks. Mrs. Olds returned home and is now the Operations Director for the Davis YMCA. Her husband and business partner, Ken Olds, has had a career as a financial advisor, in personal banking and is now a loan officer at Farm Credit.
Muggin’ Coffeehouse was being born out of Mary and Ken’s personal love for coffee, their desire to be more involved with community development in Whitehaven and most importantly, a drive to fill a business niche missing from the neighborhood. Muggin’ Coffeehouse serves coffee, tea and pastries from 6:30 am to 6:00 pm, six days a week. It will offer a unique gathering place with curated gourmet selections not offered by regional competitors. Mrs. Olds is committed to cultivating an expert staff of baristas that are also skilled at cross-selling higher margin products while fulfilling customer expectations for a unique experience.
The loan will help Mrs. Olds renovate the 1,665 square foot space constructed in 1964 by upgrading the electrical and lighting, installing new floor and ceiling tiles, building an ADA compatible restroom and completing interior buildout. The project was supported by The Greater Whitehaven Economic Redevelopment Corporation.
Loan Term:
3
Interest Rate:
Not applicable
Projected New Jobs:
5
Projected Retained Jobs:
Not applicable
Average Payroll:
Not applicable
Loan Amount:
$15,000
Loan Use:
Not applicable
Total Projected Capital Investment:
$26,000
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
9/4/2019
Closing
Not applicable
Muggin Coffehouse
1139 Brownlee Road, Memphis, TN 38116- Term Sheet
- Application
- Resolution