Memphis Launches ‘Entrepreneurship City’ Program for Local Businesses

News Summary

Memphis has unveiled the ‘Entrepreneurship City: Where Grit Meets Growth’ initiative, aimed at supporting local businesses through financial assistance. Launched by Mayor Paul Young and EDGE President Dr. Joann Massey, the program offers forgivable loans of up to $25,000 to qualifying brick-and-mortar businesses that have been operational for at least three years. The program’s goal is to foster a thriving entrepreneurial community and enhance the local economic landscape, while also engaging young entrepreneurs in mentorship opportunities.

Memphis Launches ‘Entrepreneurship City’ Program Offering Financial Support for Local Businesses

Memphis has introduced the ‘Entrepreneurship City: Where Grit Meets Growth’ program aimed at fostering local entrepreneurship and stimulating economic growth. Officially unveiled on June 26 by Memphis Mayor Paul Young and EDGE President and CEO Dr. Joann Massey, this initiative is designed to provide support and resources to entrepreneurs looking to establish or grow their businesses in the city.

The new program offers eligible business owners the opportunity to apply for forgivable loans of up to $25,000 through the Economic Development Growth Engine (EDGE). These loans are specifically available to brick-and-mortar businesses that have been operating for at least three years and are willing to meet specific commitments tied to the funding.

Since its inception in 2017, EDGE has distributed a total of 120 loans amounting to nearly $2.7 million to local businesses. Approximately 50 of these loans have already been forgiven, demonstrating the program’s support for successful business operations that contribute to the local economy. The funding for the new ‘Entrepreneurship City’ program comes from fees collected from businesses that benefited from property tax breaks, also known as PILOTS.

Creating Opportunities for Local Entrepreneurs

During the announcement of the program, Mayor Young emphasized the city’s dedication to supporting local innovators and business owners, conveying a message of encouragement for individuals with ideas. ‘Entrepreneurship City’ is designed as a comprehensive movement that connects people and resources to cultivate a thriving entrepreneurial community within Memphis.

The initiative was launched during the third annual Small Business Loan Expo, showcasing the city’s focus on improving access to capital for its entrepreneurs. The program’s visibility will be enhanced through promotional efforts, including billboards and digital displays located throughout Memphis.

Engagement with Young Entrepreneurs

In addition to providing financial assistance, the ‘Entrepreneurship City’ program aims to actively engage young entrepreneurs. It collaborates with educational organizations, including Junior Achievement of Memphis and the Mid-South, to provide mentorship and opportunities for aspiring business leaders. This aspect of the program seeks to foster the next generation of entrepreneurs and establish Memphis as a prime location for small business success.

Context and Economic Environment

Memphis has been recognized for its favorable economic environment that attracts businesses. Factors contributing to this reputation include a low cost of living, the absence of a state income tax, and business-friendly policies. These conditions create an ideal backdrop for the establishment and growth of small businesses. The ‘Entrepreneurship City’ initiative represents a commitment by local leaders to harness this potential and boost the economic landscape for business owners in the area.

The overarching goal of the program is to build a supportive community for entrepreneurs and create an ecosystem that not only nurtures individual business endeavors but also helps bolster the local economy as a whole. The potential impact of such programs could lead to greater economic resilience and a stronger sense of community as Memphis continues to evolve into a hub for entrepreneurship.

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Additional Resources

• Fox 13 Memphis
• Action News 5
• Hoodline
• We Are Memphis
• Daily Memphian
• Wikipedia: Entrepreneurship
• Google Search: Memphis Entrepreneurship City
• Google Scholar: Entrepreneurship in Memphis
• Encyclopedia Britannica: Entrepreneurship
• Google News: Memphis Small Businesses