SYCAMORE ENTERPRISES, INC. 2

Summary

Sycamore Enterprises was originally awarded an EDGE NEED grant on 5/01/2020. An additional grant award of $5,000 was provided due to the effects of a subsequent Shelby County Health Department health directive placed on restaurants, bars and local grocery stores.

Sycamore Enterprises, Inc. (The Pumping Station) is a restaurant/bar located at 1382 Poplar Avenue in Memphis that has seen at least a 25% drop in revenue as a result of the COVID-19 pandemic. The business had to completely shut down. All 9 employees are furloughed. Mortgage and vendor payments being paid from reserves.
Stabilization and Recovery Plan:
• Business is preparing to re-open with a 24-hour notice
• Social distancing events like celebrity viewing party or a Cigar Smoking lounge are being planned
• Very loyal client base and continues to utilize social media platforms
• Applied for the PPPprogram
NEED Grant funds will be used for business expenses to include help with state taxes in the amount of $6,589 and loan debts

Financing Amount:

$5,000

Projected Total Jobs:

Not applicable

Total Investment:

Not applicable

Approved

1/12/2021