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Pyramid Stone

ID: ED20150903
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

Chuck Laminack, dba Pyramid Stone, is seeking a $25,000 Inner City Economic Development (ICED) Loan to help with façade and interior improvements at 2615 Summer Avenue.

The ICED loan would complete a combined $132,713 investment into the Summer Avenue building.

The loan will help retain six jobs while creating six new jobs and allow Pyramid Stone to make façade and interior improvements to the 14,000-square-foot building.

Pyramid Stone, Inc., serves customers in the Memphis MSA. The loan would expand Mr. Laminack’s clientele into additional areas based on improvements made to the building. Pyramid Stone, Inc., sees the renovations on Summer as a way to improve curb appeal on a high traffic corridor and encourage interest from other businesses to consider relocating.

Loan Term:

3 years

Interest Rate:

0%

Projected New Jobs:

6

Projected Retained Jobs:

6

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Facade and Interior Improvements

Total Projected Capital Investment:

$132,713
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
Not applicable

Renovation:
$132,713

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

9/2/2015

Closing

Not applicable

Pyramid Stone

2615 Summer Avenue, Memphis , TN 38112