News Summary
Memphis has launched new initiatives to boost small business growth through financial aid and community partnerships. Mayor Paul Young and Joann Massey announced the program, aiming to support entrepreneurs with loans, tax adjustments, and exclusive healthcare plans. The initiatives include the Table Ready Program to assist local food businesses and a collaboration with churches to promote local enterprises. These efforts aim to foster economic empowerment and support diverse businesses across the city.
Memphis has launched new initiatives aimed at fostering small business growth through financial assistance and community partnerships. The initiatives were announced on June 26, 2025, by Memphis Mayor Paul Young alongside Joann Massey, President and CEO of the Economic Development Growth Engine (EDGE). The program is named “Entrepreneurship City: Where Grit Meets Growth,” emphasizing the city’s commitment to support local entrepreneurs.
The recent developments include the distribution of loans to three small businesses in the Memphis area, which will enable them to renovate and expand their operations. These loans aim to bolster local businesses, reflecting a broader strategy to enhance the economic landscape of the city.
Additionally, two major corporations, CEVA Logistics and Medtronic Logistics, have agreed to a tax adjustment plan, which could provide further financial benefits to the local business ecosystem. Furthermore, Cigna Healthcare has joined forces with the Greater Memphis Chamber of Commerce to introduce exclusive health benefit plans for small businesses that include a 2% discount, aiming to alleviate some of the burden of healthcare costs for local entrepreneurs.
Support Programs for Local Businesses
The Downtown Memphis Commission (DMC) is also rolling out the Table Ready Program, which is specifically designed to assist local food service businesses in testing the downtown market. This initiative provides local food businesses with space at a reduced rental rate, with one available location on Gayoso Avenue and Second Street. Business owners interested in this program must apply and must have an existing business plan for eligibility assessment. In most cases, the DMC will cover the majority of rent and utility costs, reducing the financial burden on tenants to approximately $500 per month.
Paving the Way for Economic Empowerment
The initiatives are part of a larger effort to mobilize economic empowerment within the city. The goal is to engage at least 50 churches across Memphis to support local businesses by identifying and promoting different enterprises on a monthly basis. This initiative has the potential to support over 600 businesses annually, fostering a sustained growth environment for entrepreneurs.
Historically, Memphis has been proactive in supporting local businesses. An example of this is Black Restaurant Week, which has resulted in approximately $3 million spent at Black restaurants over the past decade. These efforts underline the city’s commitment to promoting economic diversity and inclusion, as well as ensuring that all community members have the opportunity to thrive.
Healthcare and Community Partnerships
Cigna’s involvement extends beyond just health benefit plans. The company actively participates in the Healthier 901 initiative, which focuses on enhancing food security and community health across Memphis. Such partnerships aim to address broader social issues that affect business viability and community welfare, ensuring a holistic approach to economic development.
As the city moves forward with these initiatives, additional application rounds for participation in the Table Ready Program will be announced, focusing on a pool of interested business owners as the program expands. This adaptive approach ensures that the city’s economic development strategies can meet the changing needs of local entrepreneurs.
In summary, the recent initiatives unveiled in Memphis reflect a committed effort to support small businesses through tailored financial assistance and collaborative community efforts. With programs targeting renovations, healthcare benefits, and market testing for food businesses, Memphis illustrates its dedication to fostering a vibrant entrepreneurial landscape.
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Additional Resources
- Fox 13 Memphis: Mayor Young’s Revived Church Initiative
- Action News 5: Annual Small Business Loan Expo
- Commercial Appeal: Supporting Tennessee’s Small Businesses
- Cigna Newsroom: Impact on Small Businesses
- Fox 13 Memphis: Table Ready Program for Local Food Businesses
- Wikipedia: Small Business
- Google Search: Small Business Support Memphis
- Google Scholar: Small Business Growth Initiatives
- Encyclopedia Britannica: Small Business
- Google News: Small Business Initiatives Memphis
