Westover Apartments | Application Preview
Westover Apartments is seeking government grant funding to make essential improvements to its property. The proposed enhancements include upgrading hallways, repairing the parking lot, and renovating apartment units with new flooring and appliances. Additionally, they aim to improve plumbing systems for more efficient air conditioning maintenance.
The business plan focuses on increasing rental income and cash flow to recover losses incurred during the COVID-19 pandemic. The owner hopes these upgrades will help secure the financial stability needed for future expenses and retirement savings.
As a second-generation family-owned business, the owner emphasizes a strong commitment to the community and the desire to see the property thrive. They mention a previous missed grant opportunity worth $300,000 and indicate a need for compensation related to tenants who were not approved for assistance, underlining the urgency of their request.
Westover Apartments faces competition from similar properties in the area, including Country Club Apartments, Campbell's Apartments, and Ellis Arms Apartments. However, they believe their competitive advantages lie in their location, pricing, and available amenities.
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General Information
Business Registration Number: 82-2830748
Location: Lyon, MS, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: $250k to $500k
Annual Gross Expense: $100k to $250k
Open to Loans: YES
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Funding Usage
We plan on updating the hallways and doing some needed repairs on the parking lot. We are also trying to update the units with new floors and appliances as needed. We are also trying to update plumbing between the air conditioning units so that one line at a time can be blown when they stop up.
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Business Plan
I would like to be able to increase my rent base and cash flow with these needed repairs and overcome the income lost from covid so that we have money put back for expenses. I am a second generation business owner of this property in this community. We are family owned and operated. I have invested everything in this business for my retirement someday and need to see this business overcome and flourish! I missed a government grant of $300000 and haven't seen compensation for the tenants that were not approved for MsRamp. We are needing to recover these funds for operating expenses!
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Self Identified Competition
Country club Apartments, Campbell's Apartments, Ellis Arms Apartments Location, price, and amenities
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Contact Applicant
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