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Quality Quick Cleaners
ID: ED20140802
Inner City Economic Development Loan
County Comission District: | City Council District:
Inner City Economic Development Loan
County Comission District: | City Council District:
Summary
Quality Quick Cleaners was awarded a $25,000 Inner City Economic Development (ICED) Loan to help make interior and facade improvements to its location at 284 EastMcLemore Street.
The ICED Loan would complete a combined $37,500 investment.
The loan would allow the dry cleaning company to renovate its exterior lighting and make improvements to the outside facade that include a new sign and awning.
The loan is projected to create 2 new jobs over three years.
Quality Quick Cleaners has been in business for more than 20 years in South Memphis.
Loan Term:
3 years
Interest Rate:
0%
Projected New Jobs:
2
Projected Retained Jobs:
Not applicable
Average Payroll:
$15,000
Loan Amount:
$25,000
Loan Use:
Facade Improvement
Total Projected Capital Investment:
$37,500
Real Property:
Not applicable
Acquisition:
Not applicable
Construction:
$30,000
Renovation:
$5,000
Machinery & Equipment:
Not applicable
Furniture, Fixtures, Office:
Not applicable
Equipment:
Not applicable
Fees & Soft Costs:
Not applicable
Permanent Working Capital:
Not applicable
Miscellaneous:
$2,500
Approved
8/6/2014
Closing
12/8/2014