‹ Back To Loans
Springdale Salon
ID: ED20211020
Inner City Economic Development Loan
County Comission District: | City Council District:
Inner City Economic Development Loan
County Comission District: | City Council District:
Summary
Rochelle Bowen dba Springdale Salon was awarded a $20,000 Inner City Economic Development (ICED) Loan to help with renovations to 1149 Springdale Street to open a beauty salon and make an additional space to rent to a fresh produce market. Total project costs will be $73,000.Ms. Bowen has a Bachelor of Science in Healthcare Administration and Planning from Tennessee State University. She has worked as a manager for a healthcare company serving the disabled, for a regional hospital and as a Medical Assistant trainer. She is currently a Dangerous Good Administrator with FedEx.
Ms. Bowen plans to reactivate this building that was once owned by her grandfather. She will operate a beauty salon from the southern retail bay, renting up to eight booths to stylists. She will rent the northern retail bay to a store operator that provides fresh fruit and vegetables.
The loan will assist Ms. Bowen with renovation inside the 1,320 square foot building constructed in 1930 by repairing interior walls, floors and ceilings, replacing exterior wood around windows, and installing new plumbing.
The project is supported by The Vollintine Evergreen Community Association. Additional funding for the project is being provided by River City Capital Corporation.
Loan Term:
3 years
Interest Rate:
Not applicable
Projected New Jobs:
10
Projected Retained Jobs:
Not applicable
Average Payroll:
Not applicable
Loan Amount:
$20,000
Loan Use:
Not applicable
Total Projected Capital Investment:
$73,000
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
10/20/2021
Closing
Not applicable