EDGE Sees Third Busiest Year on Record for New Jobs, Investment and Spending with Minority/Women-Owned Businesses |
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Amid the global pandemic, EDGE assisted 24 projects committed to creating 1,851 jobs, more than $794 million in Capital Investment for our area, and more than $124 million in spending with local Minority/Women-Owned Businesses.
EDGE also assisted another 141 businesses through the NEED Grant, making it the busiest year on record for approved projects. The NEED Grant was launched in May to provide relief to small businesses located in Memphis’ most vulnerable neighborhoods that have been affected by the COVID-19 pandemic. To date, the program has provided nearly $800,000 to the 141 small businesses throughout Memphis' distressed neighborhoods; 117 (83%) of which are Minority/Women-Owned Businesses.
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More Growth for Memphis' Medical Device Industry as California-Based Dental Lab Company Looks to Locate Here |
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A California-based company is looking to expand its reach and production capability, possibly in Memphis. The move would be yet another step in continuing to grow and diversify the medical device industry in Memphis.
The proposed Memphis facility for Crown World, Inc., which creates dental crowns, bridges and more, would also help to revitalize a strip of Airways Boulevard that has seen decline, moving into a highly-visible building that has been vacant for 10 years.
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Auto Shop Brings Investment and Growth to Whitehaven Neighborhood |
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A lifelong dream and a passion for cars are helping to expand one Whitehaven auto shop.
Muhsen Najdawi has more than 20 years of experience as a mechanic. Originally from Jordan, Najdawi worked in Dubai, Munich, and Liberia, before moving to Memphis to open his auto shop, Turbo Knights.
EDGE awarded Najdawi a $12,000 Inner City Economic Development Loan to renovate a building on Winbrook Drive in Whitehaven, helping to reduce blight in the neighborhood.
“We are excited about the investment that this new business will bring to a formerly vacant site in Whitehaven,” said Greater Whitehaven Economic Redevelopment Corporation Board President, Andre Gibson, “and we look forward to partnering with this business to bring more positive economic impact to our community.”
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Nearly $800,000 in NEED Grants Has Gone to Supporting Inner City Businesses During COVID-19, 30% to Salons and Barbershops |
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In December, EDGE awarded three NEED Grants to local salons struggling with the effects of the COVID-19 pandemic.
Since the COVID-19 pandemic began, salons across the city have been hit hard. Nearly 30 percent of all NEED Grant recipients are salons.
To date, EDGE has awarded $786,700 to 141 businesses throughout Memphis's most vulnerable neighborhoods; 117 of those (83%) are Minority/Women-Owned Businesses.
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EDGE Partners with TSBDC To Provide More Assistance to ICED Loan Applicants |
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"Our experience with TSBDC and our NEED Grant applicants has been great," said EDGE Senior Economic Development Specialist, John Lawrence. "They have really helped these businesses create solid recovery plans and even expand their businesses and reach new customers in some cases."
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EDGE Approves COVID-19 PILOT Policy Update |
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The COVID-19 pandemic has been devastating for many companies across this country, including many of the EDGE and IDB PILOT recipients.
At its December Board meeting, EDGE approved PILOT policy updates that would allow PILOT recipients to count work-from-home employees in on-site employee totals per their PILOT agreement. The policy update would also allow the EDGE PILOT Performance and Compliance Committee to decide to waive defaults on jobs, wages, capital investment and/or Minority/Women-Owned Business contracting by PILOT recipients if those defaults were due to the significant challenges caused by the COVID-19 pandemic. Companies must apply for waivers to be considered and the updates only apply to the 2020 calendar year.
"Numerous PILOT recipients are in industries that have been hard hit by the COVID-19," said EDGE CEO Reid Dulberger. "They have experienced problems providing their goods or services, they have faced significant expenses in keeping their workforce safe, and many have lost customers. We want to make sure we do not penalize these companies for issues that are clearly caused by this global pandemic."
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Financial Assistance Available to Small Businesses in Memphis and Shelby County |
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EDGE is committed to helping businesses find the help they need during this time. There are several programs offering assistance to small businesses affected by the COVID-19 Pandemic in the form of grants and loans.
EDGE has compiled a list for businesses to review and decide which program may be right for them.
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EDGE At A Glance
Since 2011, EDGE Has Approved Projects Expected to Create:
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*Wage calculation only includes PILOTs |
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