News Summary
Three small businesses in the Memphis area have received significant loans for renovation and expansion as part of an initiative to support local entrepreneurs, especially those owned by African Americans. CxffeeBlack, a coffee shop co-founded by Bartholomew Jones and Renata Henderson, will use its loan to enhance operations and reach more customers. Additionally, the Black Alliance Marketing Movement aims to empower local businesses, while the Downtown Memphis Commission provides support for food service ventures. These initiatives bolster economic development in Memphis amidst a current heat advisory.
Memphis – In a significant boost to the local economy, three Memphis-area small businesses have secured thousands of dollars in loans aimed at renovation and expansion. The financial support is part of a broader initiative led by the City of Memphis to strengthen and develop small businesses within the community, particularly those owned by African Americans.
Among the recipients of the new loans is CxffeeBlack, a coffee shop co-founded by Bartholomew Jones and Renata Henderson in 2019. These funds will help the business enhance its operations and reach more customers in the area. CxffeeBlack highlights the potential of small businesses as vital components of the local economy, with each loan providing a lifeline for growth.
Furthermore, CEVA Logistics and Medtronic Logistics have reached an agreement on a tax adjustment plan aimed at fostering economic development. This collaboration reinforces the city’s commitment to creating a business-friendly environment, drawing additional investments into the region.
Mayor Paul Young announced the reintroduction of a key program called the Black Alliance Marketing Movement, which was formerly known as “Bust a Move Monday.” This initiative aims to empower small businesses throughout Memphis, focusing particularly on those owned by African Americans. The program has a successful track record, having generated over $3 million in spending at Black restaurants through the annual Black Restaurant Week since 2016, attracting more than 500,000 patrons.
The Black Alliance Marketing Movement has ambitious goals, including a plan to partner with at least 50 local churches to help bolster small businesses through their congregations. This partnership will enable churches to identify a new business each month, providing up to 600 businesses with a week of support monthly. This community-centered approach aims to further enhance the local economy.
In addition to these developments, the Downtown Memphis Commission (DMC) has introduced the Table Ready Program, designed to assist local food service businesses in testing the downtown market. The program offers reduced rental rates for food service businesses, with the possibility currently existing for one space in the Van Vleet Apartments. Under this initiative, DMC covers a significant portion of rent and utility costs for new tenants, while also requiring them to contribute a nominal fee of $500 monthly.
As the demand for vibrant dining options in downtown Memphis grows, this program is expected to provide an essential support system for new food service ventures. The first round of applications for this available space has already closed, but the DMC plans to accept future applications as they manage the availability of more spaces suitable for businesses.
Despite these positive developments, residents of Memphis are currently under a Heat Advisory issued for the Mid-South, prompting city officials to urge caution during outdoor activities. This advisory serves as a reminder of the environmental factors affecting business operations and community participation.
The focus on supporting small businesses is critical for fostering economic resilience in Memphis, especially during challenging times. By investing in local entrepreneurs and building community partnerships, these initiatives are set to lay a sturdy foundation for sustained growth and prosperity across the city.
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Additional Resources
- Daily Memphian: Memphis Small Businesses Get Loans
- Fox 13 Memphis: Mayor Young Revives Church Initiative
- Commercial Appeal: Don’t Pull the Plug on Small Businesses
- Local Memphis: Buc-ee’s and West Tennessee Small Business
- Fox 13 Memphis: Table Ready Program for Local Food Businesses
- Wikipedia: Small Business
- Google Search: Memphis Small Businesses
- Google Scholar: Small Business Support Memphis
- Encyclopedia Britannica: Small Business
- Google News: Memphis Small Businesses
