EDGE July Update: EDGE has awarded nearly $600,000 to more than 100 businesses throughout Memphis's most vulnerable neighborhoods

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EDGE Provides Assistance to Southern Heritage Classic as it Struggles with COVID-19 Cancellation

Every September, the Southern Heritage Classic is one of the country’s most anticipated college football games. The rivalry between HBCUs (Historically Black Colleges and Universities) Jackson State and Tennessee State has become a cultural celebration that has a strong economic impact on this city, driving more than $14 million in direct spending each year.

But in June the 31st Classic, played each year at the Liberty Bowl, was cancelled because of COVID-19.

The Classic is SMC’s largest event with around 75,000 people in attendance each year.

“With the cancellation of the Classic, we have to survive for 15 months from cash on hand normally designed to last for three months,” said Jones. “We are not able to employ our part-time employees or cover operational expenses.”

Last week, EDGE provided SMC with a $20,000 NEED Grant. Jones said SMC is keeping sponsors and fans updated and he is now looking to the future, keeping his eyes on 2021.

Regional Economic Alliance Sees Momentum As Nation Deals with Pandemic, Recession

In the midst of a health crisis unrivaled in our lifetimes, Memphis and Shelby County still have momentum.

The Regional Economic Alliance (REA) met for its second meeting of 2020, its first since the COVID-19 pandemic began. In that meeting, data showed that in 2020, the REA has worked on 16 projects that have created nearly 1,500 jobs, $606,823,353 in investment in our area and $49,309,809 in spending with minority and women-owned businesses. The chart below shows how that progress fares halfway through the year, against initial, pre-pandemic projections for the year.

How Does Memphis Compare to Other Large Metros When It Comes to the Economic Impact of COVID-19?

The impacts of the COVID-19 recession and the road to recovery can differ greatly across local economies. Brookings’ Metro Recovery Index presents data across a variety of indicators to provide a picture of the impact of the crisis and the trajectory of recent change, for both large and midsized U.S. metropolitan areas. The indicators track impacts and trajectories in three major categories: the labor market, the real estate market, and other areas of economic activity.

Currently, Memphis has the 13th lowest percentage job loss among metro areas with at least one million residents, right behind Kansas City, Missouri. The city has also seen a drop in unemployment claims and a jump in airport passengers in the last month.

See exactly how Memphis has fared in terms of jobs, business closings, air passengers, real estate listings and other economic indicators; and how the city fares against other major metropolitan areas .

EDGE Approves More Projects in 2020

EDGE has approved more projects since May, than in all of 2017, 2018 and 2019 combined. With 103 NEED Grants, seven PILOTs and two Inner City Economic Development Loans, 2020 has been the busiest year on record for EDGE.

EDGE IMPACT (Since 2011)

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