‹ Back To Loans

Snkrr Bar

ID: ED20210802
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