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On the Spot Cuts and Styles
ID: ED20160503
Inner City Economic Development Loan
County Comission District: 6 | City Council District: 1
Inner City Economic Development Loan
County Comission District: 6 | City Council District: 1
Summary
Jamal Arnold, dba On The Spot Cuts & Styles, was awarded a $25,000 Inner City Economic Development (ICED) Loan to help fund façade improvements, interior renovations, and resurfacing of the parking lot at 3147 Frayser Boulevard. Total project costs are estimated to be $39,674.Mr. Arnold is a Master Barber. He grew up in Frayser and graduated from Trezevant High School. He has owned three different businesses in the community and has been cutting hair for 14 years.
On The Spot Cuts & Styles is open from 8:30 am to 6:30 pm Tuesday through Thursday and from 6:00 am to 6:00 pm on Friday and Saturday. Mr. Arnold leases the neighboring space to a complimentary use, Magic Styles Beauty Salon.
The loan will help complete renovations to the 2,500 square foot building, as well as assist Mr. Arnold in retaining six jobs and hiring five new employees.
Loan Term:
3
Interest Rate:
Not applicable
Projected New Jobs:
5
Projected Retained Jobs:
6
Average Payroll:
Not applicable
Loan Amount:
$25,000
Loan Use:
Building Improvements
Total Projected Capital Investment:
$39,674
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
5/4/2016
Closing
3/6/2017
On the Spot Cuts and Styles
3147 Frayser Boulevard, Mempis, TN 38128- Term Sheet
- Application
- Resolution