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VOL. 132 | NO. 191 | Tuesday, September 26, 2017

Daily Digest

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Explore Bike Share Seeking Executive Director

Explore Bike Share, a 600-unit local bike sharing system, has begun the search for an executive director to spearhead the nonprofit’s efforts.

Scheduled to roll out by next spring, Explore Bike Share’s fleet will be the largest in the nation to feature the BCycle Dash navigation system.

“We are seeking an executive director to take on overall strategic and operational responsibility for planning, implementing and operating a new network in Memphis,” Jaske Goff, Explore Bike Share board hiring committee lead and Downtown Memphis Commission vice president of operations, said in a release.

After an exploratory effort by DCA, a creative communications consulting firm, the nonprofit was formally established in early 2016. The system will initially serve high-density areas like Downtown and Midtown, as well as South Memphis, Orange Mound and Binghampton.

Details about Explore Bike Share’s executive director position can be found at explorebikeshare.com/join-us, and applicants can submit resumes to info@explorebikeshare.com before Oct. 13.

– Patrick Lantrip

Grizz Trade Daniels to Suns For 2nd-Round Draft Pick

The Memphis Grizzlies traded veteran guard Troy Daniels to the Phoenix Suns for a 2018 second-round draft pick and one of the Grizzlies’ three 2018 second-round draft picks.

Daniels has appeared in 162 games (four starts) and has averaged 6.2 points and 1.2 rebounds in 13.2 minutes during his four-year NBA career with the Houston Rockets, Minnesota Timberwolves, Charlotte Hornets and Grizzlies since going undrafted in the 2013 NBA Draft.

Daniels, 26, a former VCU player, appeared in 67 games last season, his first with the Grizzlies, and averaged 8.2 points and 1.5 rebounds in 17.7 minutes.

– Don Wade

Rise Biscuit Donuts To Open in Saddle Creek

Rise Biscuits Donuts is opening its first Tennessee location in the Shops of Saddle Creek in March.

The first store opened in Durham, North Carolina, in 2012. Rise serves biscuit sandwiches featuring fillings like buttermilk-brined fried chicken, bacon, salt-cured ham and country sausage topped with egg, cheese and spreads. At lunch, the menu shifts to sandwiches on a potato roll, including Rise’s Savory Buffalo Chicken with house-made buffalo sauce, shaved celery and blue cheese sauce, and limited-time offerings like the Cubano, with roast pork loin, smoked ham, Swiss cheese, pickles and mustard.

Yeast and cake donuts are available throughout the day and feature flavors like the Maple Bacon Bar and Crème Brulee. Rise is open from 7 a.m. until 2 p.m. daily and will be located at 7509 Poplar Ave.

The location will feature counter ordering and limited indoor seating in its 1,515-square-foot store, plus a large patio. Rise Germantown will also offer pre-ordering for nearby offices and can provide donuts and biscuits for parties of all sizes.

– Andy Meek

Dayco Inks Lease In Airport Industrial Park

Dayco Products Inc. has signed a lease to occupy 45,700 square feet in the Airport Industrial Park at 4292 E. Raines Road.

Hank Martin and Elliot Embry with NAI Saig Co. represented the landlord, Net Magan, in the deal.

Tulsa, Oklahoma-based Dayco researches, designs, manufactures and distributes engine products, drive systems and other services for automobiles, trucks, and construction, agricultural and industrial machinery.

– Patrick Lantrip

Memphis Vet Clinic Collects Pet Supplies for Irma Victims

A Memphis veterinary practice is collecting supplies to help pet owners in Key West, Florida, affected by Hurricane Irma.

Day and Night Animal Hospital is accepting donations of through Oct. 5, with the goal of filling a truck to ship to the Florida Keys SPCA, according to Day and Night owner James Grimes.

Key West pet owners are in need of kennels, crates, food and other supplies for dogs and cats. Many pet owners were separated from their pets, who need care until they can be reunited with their owners.

Grimes’ hospital collected items earlier in September for pets affected by Hurricane Harvey in Houston, Texas. Nearly 5,000 pounds of dog and cat food, along with other supplies, were sent to the Houston ASPCA.

ReTrans Inc. transported the Houston shipment and has volunteered to drive the truck of supplies to Key West.

“People usually rush to help in the first days after a tragedy, but the need is ongoing, so we’re waiting a couple of weeks to ship the items,” Grimes said in a release.

Donations can be dropped off at Day and Night, 4670 Summer Ave., during the clinic’s regular hours: Monday from 7 a.m. to 6 p.m.; Tuesday through Friday from 7 a.m. to 8 p.m.; and Saturday from 10 a.m. to 6 p.m.

Grimes is offering a fee pet exam for anyone who makes a donation of $20 or more. For more information, call Day and Night Animal Hospital at 901-500-7556.

– Daily News staff

T&B Parent Company ABB To Buy GE Unit for $2.6B

Swiss robotics and industrial machinery maker ABB is buying the electrification services unit of U.S. conglomerate General Electric in a deal valued at $2.6 billion, boosting its presence in its crucial North American market.

ABB is the parent company of Memphis-based Thomas & Betts, and the Swiss company’s Electrification Products division Americas headquarters is in Memphis.

The deal between ABB, which provides high-tech equipment for the transport, utility and infrastructure industries, and GE is expected to close in the first half of next year. In a joint statement, the companies say the electrification services unit was not a “core business” for GE.

ABB acquired Thomas & Betts in early 2012 for $3.9 billion. T&B, which now operates as a business unit within ABB’s $10 billion Electrification Products division, is preparing to move its headquarters from Southwind to ServiceMaster’s current space at 860 Ridge Lake Blvd. in Ridgeway Center in the second quarter of 2018.

Along with its Memphis presence, ABB operates an 85,000-square-foot production facility in Senatobia, Mississippi.

ABB expects the transaction to add to its bottom line within the first year. The company says it will retain the right to use GE’s brand over the long term, and expects synergies of about $200 million per year after five years.

The deal will require approval from national regulators.

– The Associated Press/Daily News staff

SBA Drought Loan Deadline Nears in West Tenn. Counties

The U.S. Small Business Administration is reminding small businesses, agricultural cooperatives and most nonprofit organizations that Oct. 23 is the filing deadline for federal economic injury disaster loans in five West Tennessee counties affected by drought conditions in late 2016.

The SBA’s Economic Injury Disaster Loan program is available to eligible farm- and nonfarm-related entities in Shelby, Fayette, Hardeman, Hardin and McNairy counties that suffered financial losses as a direct result of the drought that began last November.

“These counties are eligible because they are contiguous to one or more primary counties in Mississippi,” Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta, said in a statement. “The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included.”

With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers or ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.

The loans are for working capital and can be up to $2 million with interest rates of 3.125 percent for eligible small businesses and 2.5 percent for nonprofit organizations, and terms of up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources.

These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.

Affected businesses may visit disasterloan.sba.gov/ela to fill out the application.

– Daily News staff

PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225