Summary

Miles Tamboli (dba, Tamboli’s Pasta & Pizza) is seeking a $20,000 Inner City Economic Development (ICED) Loan to help enclose the patio, add 700 square feet and increase restaurant seating from 28 to 54 at 1761 Madison Avenue. The project also includes other exterior upgrades and interior remodeling with total costs of $87,506.

Mr. Tamboli worked in a former restaurant in this building while in high school and has spent almost ten years working in small-sustainable farming and launching Tamboli Produce, which is most well known for its pastas sold at Memphis-area farmer’s markets. Mr. Tamboli now wants to build on this success with a fixed-location restaurant.

Tamboli’s Pasta & Pizza will serve from a traditional Italian menu that includes fresh pasta, hand-crafted pizzas and homemade sauces. Weekly specials will feature seasonal ingredients from local farms and Tamboli’s own culinary garden. However, Tamboli’s must overcome issues that have caused other restaurants at this location to struggle by increasing seating capacity and improving kitchen efficiency.

The loan will help Mr. Tamboli renovate the 2,700 square foot space constructed in 1922 by enclosing a patio, installing lighting and an HVAC system, exterior painting and landscaping, and kitchen remodeling. This project is supported by The Midtown Memphis Development Corporation.

Loan Term:

Interest Rate:

Projected New Jobs:

Projected Retained Jobs:

Average Payroll:

Loan Amount:

Loan Use:

Total Projected Capital Investment:

Real Property:

Acquisition:

Construction:

Renovation:

Machinery & Equipment:

Furniture, Fixtures, Office:

Equipment:

Fees & Soft Costs:

Permanent Working Capital:

Miscellaneous: