Note: This story has been updated with the correct name of the Small Business Resiliency Loan Program and the correct information about when the Neighborhood Economic Development Grant Program will complete and applications will be accepted.
Three new programs – two loans and a grant – have been launched by city and county authorities to help businesses that have suffered major financial losses from the coronavirus pandemic, Mayor Jim Strickland announced during a daily briefing on Monday.
The new programs complement a recently announced downtown forgiveness loan fund created by the Downtown Memphis Commission.
Small Business Resilience Loans
The first is the Small Business Resiliency (SBR) loan, created in partnership between the city’s Housing and Community Development Department and the Bureau of Corporate Diversity and Compliance.
The SBR program will offer loans between $ 5,000 and $ 35,000 to Memphis business owners serving in needy communities. To qualify, business owners must have been in the business for at least three years and have already been endorsed by the Small Business Administration.
Companies must also be certified with the city’s Office of Business Diversity & Compliance, Strickland said.
For more information, call 901-636-9300 or 901-636-6210 or email the credit manager Jerry Brack at [email protected].
There will be a 90 day repayment delay for this program. The city will be accepting applications for this program from the beginning of May.
Emergency loan in economic hardship
The second program sponsored by the city is the Economic Hardship Emergency Loan Fund, which offers loans between $ 2,000 and $ 5,000 with no interest for six months.
This program is aimed at small businesses that have annual sales less than $ 1 million and have been in business for at least three years. Companies based within the city limits can qualify for this program, but must also be certified by the Office of Business Diversity & Compliance.
For more information, call 901-636-9300 or 901-636-6210 or email the credit manager Jerry Brack at [email protected].
The city will be accepting applications for this program from Tuesday.
Neighborhood assistance for economic development in an emergency
The Economic Development Growth Engine (EDGE) for Memphis and Shelby Counties created the definitive business aid program for companies with annual sales less than $ 1 million.
The grant program for the economic development of neighborhood emergencies will be presented to the EDGE board for approval on Wednesday. If approval is given, EDGE will then accept applications.
The grant program will provide between $ 5,000 and $ 10,000 in financial aid to companies that are still open but have lost over 25% in revenue, Strickland said.
A $ 5,000 grant will be made available to businesses that have closed due to the pandemic.
In addition to providing evidence of financial losses, companies must be in the tax credit-eligible counting districts of the Neuer Markt and have been in business since at least March 1, 2019. Business owners also need to develop a survival and recovery plan to demonstrate the viability of the pandemic.
For more information, contact EDGE at 901-341-2100 or [email protected].
Inner city loan fund still open
For downtown companies, the DMC loan fund announced late last month is still open, with nearly 75% of the $ 200,000 fund still available.
To qualify for this program, businesses must be downtown, locally owned, and at risk of closure, despite having a good reputation prior to the pandemic.
Loans can be approved up to $ 20,000 based on annual sales and are waived after two years if the company remains operational.
For more information, contact Brett Roler of the Downtown Memphis Commission at [email protected].
Desiree Stennett is responsible for The Commercial Appeal’s economic development and business. She can be reached at [email protected], 901-529-2738 or on Twitter: @desi_stennett.
