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Springdale Salon

ID: ED20211020
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

Springdale Salon

1149 Springdale Street, Memphis, TN 38108