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Sumadhi Spa Pro Aesthetics Training Center

ID: 20210605
Inner City Economic Development Loan
County Comission District: 10 | City Council District: 06, 08

Summary

Sumadhi Spa Pro Aesthetics Training Center is seeking a $11,000 Inner City Economic Development (ICED) Loan to help with interior improvements. Work to be completed at 1100 East Brooks Road. Project costs are estimated to be $24,690.

Pro Aesthetics Training Center is an Aesthetics school offering postsecondary education at an affordable price. The school will provide 750 hours needed to take the state board test as well as additional business and financial classes for students wanting to open their own spa. School tuition will be $3,650 and students will have the option pay monthly or apply for a no interest loan. Pro Aesthetics Training Center will also provide coaching services to licensed professionals, reduced price services to the public, and a line of skin care items for sale.

The loan will help Mrs. Fitzgerald make improvements to the 5,251 square foot space constructed in 1972. Improvements will be installation of new luxury flooring in the common area and two offices, painting in both the classrooms and training rooms and plumbing work to include rough in for a kitchen sink, 3 shampoo bowls and a washing machine.

Loan Term:

3 Years

Interest Rate:

Not applicable

Projected New Jobs:

2

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$11,000

Loan Use:

Not applicable

Total Projected Capital Investment:

$24,690
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

6/2/2021

Closing

Not applicable

Sumadhi Spa Pro Aesthetics Training Center

1100 East Brooks Road, Memphis, TN 38116