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NovaCopy
ID: ED20140801
SBA 504 Loan
County Comission District: | City Council District:
SBA 504 Loan
County Comission District: | City Council District:
Summary
NovaJAD, a NovaCopy affiliate, was awarded a $2.17 million Small Business Administration (SBA) 504 Loan for the build out of a new office building at the ApplingFarms Business Park.
The SBA Loan, in conjunction with Renasant Bank and business cash, will create a combined $5.43 million investment for the proposed 33,000-square-foot building.
In October of 2013, NovaCopy was awarded a 4-year PILOT for the construction of the new facility.
The combined project is expected to create 30 new jobs with an average annual salary of $44,133.
The new facility will allow NovaCopy to bring its 3D- printing services to the area and will serve as the Mid-South regional headquarters.
Loan Term:
20 years
Interest Rate:
Fixed rate based on sale of SBA guaranteed debentures
Projected New Jobs:
30
Projected Retained Jobs:
Not applicable
Average Payroll:
Not applicable
Loan Amount:
$2,175,412
Loan Use:
Building Construction and Equipment
Total Projected Capital Investment:
$5,438,531
Real Property:
Not applicable
Acquisition:
Not applicable
Construction:
$4,894,677
Renovation:
Not applicable
Machinery & Equipment:
Not applicable
Furniture, Fixtures, Office:
Not applicable
Equipment:
$543,853
Fees & Soft Costs:
Not applicable
Permanent Working Capital:
Not applicable
Miscellaneous:
Not applicable
Approved
8/6/2014
Closing
Not applicable
NovaCopy
6859 Appling Farms Pkwy, Memphis, TN 38133- Term Sheet
- Resolution
- Minutes