Since 2014 the Memphis Inner City Economic Development Loan Fund has supported 27 projects, 227 jobs and $2.9 million of capital investment. On February 3rd, the EDGE Economic Development Finance Committee approved forgivable loans for The Southern Deli and Top Tier Catering, MAAE's Neighborhood Produce Market, Major & Son Master Muffler and Restoration House Boxing Academy.

1. ECONOMIC DEVELOPMENT
FINANCE COMMITTEE
February 3, 2016
ICED Loan Applicants: 4
Loan Commitments: $78,689
Capital Investment: $257,799
Jobs: 18

2. APRIL HOUSE PREMIER
5406 Republic Drive
Loan: $25,000
Capital Investment: $151,890
Jobs: 3 Existing
8 New

3. PROPOSED USE OF FUNDS
Carpentry, Drywall and Paint
Drop Ceiling, Electric and Lighting
Plumbing
Future Phases
Remaining Build-Out, Plumbing & Elec.
HVAC Upgrade
APRIL HOUSE PREMIER
5406 Republic Drive

4. MAAE’S MARKET
2063 Castex
Loan: $21,499
Capital Investment: $32,249
Jobs: 4 New

5. PROPOSED USE OF FUNDS
Roof
Interior & Exterior Stabilization
Deli Case
Electrical Service Installation
Exterior Signage
HVAC Installation
Concrete Ramp, Steps & Handrail
Exterior Imp. Roof, Gutters & Gable
Tile Floor, Sheet Rock & Interior Paint
Fence
3 Compartment Sink, Faucet, Plumbing
MAAE’S MARKET
2063 Castex

6. MAJOR & SON MASTER MUFFLER
2207 Airways
Loan: $25,000
Capital Investment: $62,865
Jobs: 2 Existing

7. PROPOSED USE OF FUNDS
Improve Shop and Upgrade Equipment
Install New Sign
Replace Overhead Doors
Refurbish Office, Reception & Exterior
- Demolition
- Paint
- Welding Tank Storage
- Drop Ceiling
- Restrooms
- HVAC
Replace Roof
Construct Building Addition
Pave Side and Front Parking Lot
MAJOR & SON MASTER MUFFLER
2207 Airways

8. RESTORATION HOUSE
BOXING ACADEMY
4050 North Watkins
Loan: $7,190
Capital Investment: $10,795
Jobs: 1 Existing

9. PROPOSED USE OF FUNDS
Construct Interior Walls
Brace Walls
Repair Roof
Finish Windows
Install Rubber Flooring
Paint
RESTORATION HOUSE
BOXING ACADEMY
4050 North Watkins

10. ICED Funds ICED Funds ICED FundsTotal Capital Investment Total Capital Investment Total Capital Investment
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
2014 2015 2016 YTD
7 Applicants
60 Jobs
$170,000 ICED Funds Committed
$1,406,625 Capital Investment
16 Applicants
149 Jobs
$393,310 ICED Funds Committed
$1,235,701 Capital Investment
INNER CITY ECONOMIC DEVELOPMENT LOAN FUND ACTIVITY
4 Applicants
18 Jobs
$78,869 ICED Funds Committed
$257,799 Capital Investment