More than 20 recipients of the forgivable Inner City Economic Development loans will share how funds impacted their small business
Economic Development Growth Engine for Memphis & Shelby County (EDGE) is hosting the Inner City Economic Development (ICED) Loan Expo on Tuesday, June 27. New applicants, elected officials, and community stakeholders are invited to this free event to learn more about inclusive economic development opportunities.
The program is designed to spark revitalization of Memphis inner city neighborhood business districts through three-year, forgivable loans of up to $25,000 to assist with façade and other permanent building improvements. Since 2014, the initiative has assisted small businesses that have invested nearly $9 million into the communities they serve. Attendees will have the opportunity to meet ICED Loan participants and learn how the program spurred their success.
WHAT: ICED Loan Expo: Ingenuity & Incentives at Work
WHEN: Tuesday, June 27, 2023, 11:00 a.m. to 1:00 p.m.
WHERE: Renasant Convention Center, Room RF1 (255 N Main St, Memphis, TN 38103)
Prior recipients of ICED Loans span a variety of industries including fitness, food and beverage, healthcare, financial services, trade schools, funeral services, and education. Representatives from several businesses will be on-site conducting demonstrations, answering questions, and showcasing their products.
Future applicants will need to be aware of the program’s specific criteria. Eligible businesses include neighborhood serving small businesses with revenue less than $750,000 that are in a New Market Tax Credit census tract. Businesses must have a three-year lease or own the building, and funds must be used primarily for building façade improvements and streetscape improvements. Interior improvements and building expansions may also be eligible, and EDGE will fund two-thirds of the project up to $25,000.
Those who believe they may not be eligible for the ICED loan program are still encouraged to attend the expo. EDGE partners such as Black Business Association, River City Capital, and others will be present for discussion of additional funding and community development opportunities.
Projects are approved by the EDGE Economic Development Finance Committee. To learn more about the program, call (901) 341-2100.
Created in 2011 through a joint resolution of the Memphis City Council and the Shelby County Commission, EDGE is the economic development agency for the City of Memphis and Shelby County coordinating public resources to drive growth. EDGE provides and coordinates public resources to drive economic development through ongoing economic activities and projects that provide real value to the community and provide a strong foundation for future economic growth. To learn more, visit www.edgemem.com.