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Snkrr Bar
ID: ED20210802
Inner City Economic Development Loan
County Comission District: 07 | City Council District: 05, 09
Inner City Economic Development Loan
County Comission District: 07 | City Council District: 05, 09
Summary
Dominique Worthen dba Snkrr Bar received a $15,000 Inner City Economic Development (ICED) Loan to help complete $22,624 of qualified improvements at 1869 Madison Avenue. Total project costs are estimated to be $57,000.Mr. Worthen has more than six years of experience reconditioning and repurposing high-end footwear. Born in Flint, Michigan, Mr. Worthen considers himself to be adopted by Memphis. He received his Bachelor of Business Administration from LeMoyne-Owen College and played professional golf before returning to Memphis. What started as a home-based business has now grown into a brick and mortar that services over 200 customers a month.
The Snkrr Bar is a premier footwear service provider specializing in athletic and leisure footwear care and maintenance. Target customers are sneaker enthusiasts needing restoration or rejuvenation for their prized footwear. The Snkrr Bar provides drop-off and mail-in concierge service for customers 7 days a week.
The ICED loan will help Mr. Worthen make improvements to the 1,129 square foot space constructed in 1929. New signage, an awning, and adding shatter proof film to the front windows will complete exterior improvements. Interior improvements will include updates to the bathroom, cleaning and staining concrete floors, and construction and installation of a 14-foot counter.
This project is supported by Midtown Memphis.org, midtown’s economic redevelopment organization.
Loan Term:
3 years
Interest Rate:
Not applicable
Projected New Jobs:
Not applicable
Projected Retained Jobs:
5
Average Payroll:
Not applicable
Loan Amount:
$15,000
Loan Use:
Not applicable
Total Projected Capital Investment:
$57,000
Real Property:
Not applicable
Acquisition:
Not applicable
Construction:
Not applicable
Renovation:
$57,000
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
8/25/2021
Closing
Not applicable
Snkrr Bar
1869 Madison, Memphis, TN 38104- Term Sheet
- Application
- Resolution